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Asia – Europe rates drop sharply and carriers work to reduce capacity

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Dylan Sommer

Weekly highlights

US ocean import volumes have dropped to a level 12% lower than a year ago.

This lowered demand and easing congestion continue to lower shipping container rates.

  • Falling demand and easing congestion pushed Asia – Europe rates down 18% last week, but daily rates this week indicate they are approaching the $2,000/FEU level, just 20% higher than in 2019.  
  • Asia – US West Coast rates are now 4% lower than in 2019. 
  • Even with transpacific volume decreases, though, National Retail Federation US ocean import estimates for November and December, and projections for Q1 2023 predict volumes will decline compared to 2022 but remain above 2019 levels – suggesting, for now, a process of normalization, not recession. 

Carriers continue to increase the number of blank sailings – globally 13% of all capacity will be canceled in the coming weeks.

Asia-US rates for this week

  • Asia-US West Coast prices (FBX01 Weekly) fell 2% to $1,403/FEU. This rate is 91% lower than the same time last year.
  • Asia-US East Coast prices (FBX03 Weekly) decreased 10% to $3,361/FEU, and are 80% lower than rates for this week last year.
  • Asia-N. Europe prices (FBX11 Weekly) fell 18% to $3,259/FEU, and are 78% lower than rates for this week last year.

Check in next week for more real-time freight market updates to help you ship smoother.

More rates from

Containerized Freight Rates from the Freightos Baltic Index
FBX LaneGlobalAsia – US West CoastAsia –US East CoastAsia – North EuropeNorth Europe – US East Coast
This Week$2,384$1,403$3,723$3,259$6,046
Last Week-6%-2%-10%-18%-5%
Last Year*-74%-91%-80% -78%-17%
* Compared to the corresponding week in 2021

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