Freight 101 Blog

Asia – US West Coast rates drop 75% since the start of the year

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Weekly highlights

A major US rail workers strike set for Friday threatens to make East Coast port congestion even worse and create backlogs across the country.

Transpacific ocean spot rates continued their decline this week on weakening demand for ocean freight.

At $3,896/FEU, Asia – US West Coast rates have fallen by nearly 75% since the start of the year and are at their lowest level since May of 2020.

The significant shift of volumes – and congestion – to the East Coast has kept Asia – US East Coast prices from falling as dramatically, with rates half their level at the start of the year and around the same as prices in May 2021.

The latest National Retail Federation data show that monthly import volumes will continue to decline gradually through the end of the year, but even so monthly volumes will be at least 12% higher than in 2019, and total import volumes for 2022 would set a new annual record.

Asia-US rates for this week

  • Asia-US West Coast prices (FBX01 Daily) fell 10% to $3,896/FEU. This rate is 80% lower than the same time last year.
  • Asia-US East Coast prices (FBX03 Daily) dipped 2% to $8,553/FEU, and are 61% 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$4,729$3,896$8,553$7,878$6,815
Last Week-2%-10%-2%0%-8%
Last Year*-57%-80%-61%-47%-1%
* Compared to the corresponding week in 2021

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