Container spot rates are tumbling - and there are no signs of the usual pre-peak season turbo boost. The continued decline in spot rates on the Asia-Europe and transpacific trade lanes implied that the balance between supply and demand in these key trades is markedly worse than what we normally see at this point of the year", said Lars Jenson, CEO of Vespucci airline.
Meanwhile, on the transpacific, spot rates are also falling rapidly as demand softens. This week's Freightos Baltic Index (FBX) saw a 15% decline for Asia to US west coast rates, to $7,599 per 40 feett, and a drop of 13% for east coast rates, to $10,113 per 40 feet. Ocean carriers are adopting aggressive blanking strategies to mitigate the impact of the cargo downturn. - UBS Strategy
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