Freight 101 Blog

Asia-US West Coast rates down 70% since last year

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Weekly highlights

Ocean rates from Asia to the US West Coast continued their slide, falling 6% since last week to about $6,500/FEU, a level last seen back in May of 2021 and nearly 70% lower than a year ago.

Asia – N. Europe prices dipped 7% in the last two weeks and are 30% lower than last year, after being stable since the end of April.

Asia – US East Coast rates ticked up 4%, possibly a sign of worsening congestion, but are nearly 50% lower than this time last year. 

Despite the falling prices, there are signs that ocean carriers don’t view this trend as the start of a complete collapse.

Continued elevated rates for secondhand and chartered container ships show ocean carriers are still looking for capacity. Carriers have also scheduled 20% more transpacific capacity through October compared to last year. 

With the return of transatlantic passenger travel, the Freightos Air Index shows Europe – US East Coast prices are 28% lower than a year ago, but still about 50% higher than normal due to added fuel costs and labor shortages. 

Asia-US rates for this week

  • Asia-US West Coast prices (FBX01 Daily) fell 6% to $6,593/FEU. This rate is 64% lower than the same time last year.
  • Asia-US East Coast prices (FBX03 Daily) increased 4% to $10,316/FEU, and are 47% 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 Freightos.com

Containerized Freight Rates from the Freightos Baltic Index
FBX LaneGlobalAsia – US West CoastAsia –US East CoastAsia – North EuropeNorth Europe – US East Coast
This Week$6,159$6,593$10,316$9,641$8,423
Last Week-3%-6%4%-7%0%
Last Year*-39%-64%-47%-30%40%
* Compared to the corresponding week in 2021

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