Spot rates continue to fall, but Atlantic prices hit new highs!

Asia-western America freight rates fell 13 per cent this week, according to WCI data. Now rates on the trade route have fallen 57 per cent in just the past seven weeks. It was by far the biggest drop over a seven-week period in the past decade. This means spot freight rates from the Pacific east to the western America are now more volatile than they were during the 2015 price war. Once again, we have witnessed history. Compared with the peak in February 2022, America rates are down 76 percent. But it was still 104% higher than the same week in October 2019. The rate is now the same as it was in June 2020.

Asia-east America freight rates are not falling as fast as those in the West. On this trade route, rates are down 8 per cent this week, 34 per cent in the past seven weeks and 53 per cent from their peak in February. The shift from the west Coast to the East Coast and congestion issues on the east coast are partly supporting the situation here. The rate is 168 per cent higher than in 2019. Freight rates here are at April 2021 levels.

In Asia-Europe trade routes, the rate of decline is slowing. Compared with last week, the European route is down 3 percent and Mediterranean rates are down 5 percent. That means Northern Europe is still 291 per cent higher than in 2019, while the Mediterranean is 244 per cent higher. Rates to Europe are back where they were in December 2020.

Fares from the Atlantic to the eastern America are at record highs. Rates on return Atlantic routes have also been creeping up in recent months, and this week was no exception. Rates for returning to Europe from the US have also continued to creep up and are now at their highest level since April 2015.

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