Spot container freight rates on the largest deepsea trades rebounded this week, despite continuing weak demand, suggesting recent capacity cuts have begun to reverse months of pricing decline.
According to the Freightos FBX index, Asia-U.S. west coast rates increased 11% week on week, to $2,763 per 40ft, which is around 80% lower than at the same time last year.
“Ocean rates out of Asia were stable overall again this week – though Asia to U.S. west coast prices ticked up and are now level with prices in early October – suggesting the sharp drop-off that began this summer may be levelling out, as capacity is removed to meet falling demand,” said Freightos lead analyst Judah Levine.
Read more in an article from The Loadstar.