From The LoadStar, May 6:
Transpacific box line freight rates nosedive as demand falls
The Asia – US spot rate components of the Freightos Baltic Index (FBX) slumped this week by 19% and 7% respectively for container shipments to the US west and east coasts.
According to the FBX reading, US west coast spot rates fell to $12,596 per 40 ft – their lowest level since July last year. For US east coast shipments FBX’s spot rate declined to $15,973 per 40 ft.
“As demand falls and space becomes available, ocean rates continued to fall this week,” said Judah Levine, head of research at Freightos.
“In addition, the past weeks have seen the removal of many of the premium surcharges securing capacity,” explained Mr Levine....
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