News / As CNY and slack season approach, the ocean price-cutting begins

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Transpacific spot rates declined for the first time in a month this week, as the threat of a US east and Gulf port strike vanished and the opportunity for pre-Chinese New Year (CNY) front-loading ended.

Meanwhile, significant price discounting continued to be seen on the Asia-Europe trades, with little hope of any recovery before CNY begins on 29 January.

According to Drewry’s latest World Container Index, spot rates on the Shanghai-Los Angeles leg dropped 5% week on week, to $5,228 per 40ft, ...