( ā€“ FocusAsia Media Ltd

SHANGHAI, Aug 8 (FAM) – East-west ocean freight spot rates are set to decline moderately this week as market analysis revealed minor erosion in the 1 August general rate increases (GRIs).

Carriers had announced eastbound Transpacific rate hikes ranging from $700 to $1,200/FEU and of between $1,150 and $1,300/TEU on Asia-northern Europe services and in some instances as high as $1,750 on Asia-Mediterranean routes from the beginning of the month.