Global container spot rates remain under pressure as shipping lines struggle to offset weak demand and excess capacity.
According to Xeneta’s latest market update on 7 August, average rates on key East-West trades continue to fall, though the pace of decline has eased in some areas.
On the Transpacific corridor, average rates from the Far East to the US West Coast dropped 3 per cent over the past week to $2,098 per forty-foot equivalent unit (FEU).
This marks a 62 per cent drop since 1 June. Rates to the US East Coast fell 9 per cent during the same period to $3,311 per FEU — now 53 per cent below mid-June levels.
To limit further declines, carriers have sharply increased blank sailings.
On the Far East–US West Coast route, the four-week rolling average of blanked capacity rose from 30,000 TEU per week in late June to 57,000 TEU by 1 August.
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Meanwhile, spot rates to North Europe held relatively flat, slipping just 2 per cent since 1 July to $3,330 per FEU after a sharp surge earlier this summer.
Mediterranean-bound rates dropped 7 per cent since 31 July to $3,372 per FEU, reflecting a 26 per cent fall since mid-June.
The pricing gap between the two European routes has narrowed to just $42 per FEU, compared to $1,765 on 1 June.
Spot rates from North Europe to the US East Coast currently stand at $2,015 per FEU.
Peter Sand, Chief Analyst at Xeneta, noted: “Carriers have taken action to arrest the plummeting average spot rates on the Transpacific trade to the US West Coast through strong capacity management, with blanked sailings now almost double the level in mid-June.
“The dramatic spot rate decline has slowed in August so the stronger capacity management is having some success for carriers, but this is limited and not enough to stop the downward trajectory in coming months.”
