Eastbound trans-Pacific ocean container spot rates plunged again this week as container ship capacity on the trade lane recovers and volumes reset at a lower level than they were pre-Lunar New Year.
The Freightos Baltic Daily Index spot rate for China to the West Coast of North America fell from $3,620 per forty-foot equivalent unit to $2,976 per FEU this week, a drop of 17.8%. The rate has come down more than 36% since March 1 as steamship line networks have adjusted and capacity has loosened during the Red Sea crisis.
A similar benchmark, the Drewry’s World Container Index, Shanghai to Los Angeles, stands at $3,825 per FEU after declining from its high of $4,771 on Feb. 8.
Read more in an article from American Shipper.