The good news for ocean carriers - and bad news for shippers - is that rates are rising yet again. Base spot rates for container shipments from Asia to the U.S. West Coast had been curiously flat since late September. Rates kept to a narrow band at record-high levels of around $3,800-$3,900 per forty-foot equivalent unit (FEU).

The unnatural flatness of the rate trend line during a period when demand was not flat led to speculation that the trans-Pacific rate level was, in fact, not natural.

One theory is that liners declined to charge higher base spot rates after a meeting with Chinese regulators in mid-September. Actual rates continued to increase when including premium charges, with the static base rate meant to assuage regulators — or so the theory goes.

Whether that speculation is true or not, something appears to have budged. Over recent days, spot rates have headed higher.

Rates up to both coasts

According to the Freightos Baltic Daily Index, Asia-West Coast rates rose to a fresh all-time high of $4,189 per FEU on Monday, up 8% from last Friday. Rates are now triple what they were one year ago.

Rates also just jumped on the Asia-East Coast route Spot rates were $5,397 per FEU on Monday, up 9% from last Friday. Rates in this trade lane are now double what they were one year ago.