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Container rates on trans-Pacific routes from Asia to the United States and Northern Europe improved by double digits as negotiators made progress on regional trade deals.
Rates have “for the most part” maintained general rate increases from mid-October, analyst Freightos said in a weekly update, as carriers increased blanked sailings in an effort to balance capacity with lower demand during the seasonal lull.
“Trans-Pacific and Asia-North Europe rates increased 15% to 20% last week to about $2,000 per forty foot equivalent unit (FEU) to the West Coast, $3,500 per FEU to the East Coast and $2,270 per FEU to Europe,” said Freightos research chief Judah Levine. “Rates have stayed about level so far this week on these lanes, with Asia-Mediterranean prices easing about $100 per FEU. »
Asia-U.S. West Coast prices increased 20% to $2,027 FEU, according to the Freightos Baltic Index, while Asia-North Europe prices increased 15% to $2,267 per FEU and Asia-Mediterranean rates gained 6% to $2,278 per FEU.
Rates are now “well above” levels from before the Red Sea crisis that began in October 2023, Levine said. November could bring more general rate increases from carriers, although their staying power would likely depend on continued capacity management.
Read more in an article from American Shipper.