But the benchmark rate is still 45.5 per cent higher than the same period last year at an average $1,636 per FEU.

 The Drewry benchmark rate for an FEU from Hong Kong to Los Angeles fell to US$2,380, decreasing $65 per FEU from the previous week. The rate has been declining for the past three weeks in a row, dropping 6.7 per cent on July 2, 2.9 per cent on July 9 and 2.6 per cent on July 16.

 The declines were owing to the recent flat US import demand and the persistent overcapacity problem, but carrier members of the Transpacific Stabilisation Agreement (TSA) still plan to impose a fifth general rate increase on August 1 by $500 per FEU for Asia-US west coast services and $700 per FEU for other destinations.

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