News / Transpacific freight rates – it’s all about 'who blinks first'

© Larry Portmann

Container spot rates are falling – but not fast enough for transpacific shippers that walked away from what they regarded as “excessive” new rate demands from carriers for annual contract renewals at the S&P Global TPM24 conference in Long Beach, California, last week.

And the gradual erosion of the Red Sea crisis spike in container spot rates continued this week, with Drewry’s WCI composite index shedding another 4%. Nonetheless, it remains 77% higher than 12 months ago.

The WCI Asia to US ...