May 4, 2020 – As the European/Asia ocean trade lanes experience a large increase in rates in the past week, this looks to be the trend as the world slowly tries to navigate a way out of the Covid 19 pandemic that has effectively shuttered large parts of the global economy. On the transpacific, spot rates have spiked as a consequence of carrier GRIs introduced today. The US west coast component of the SCFI jumped 15.3% to $1,724 per 40ft, while spot rates for the east coast ports were up 5.8% to $2,773 per 40ft. Transpacific carriers have so far blanked around 20% of all scheduled headhaul sailings in May, according to data from eeSea, with the 2M alliance leading the way, withdrawing 17 sailings, or 31%, of its planned 55 voyages this month. This will undoubtedly lead to increase costs for all cargo moving towards and from Canada in the coming weeks.