Ocean container rates on the benchmark eastbound trans-Pacific have given up gains won in 2026 as muted demand marks a lull that could last until the peak shipping season.
“And while ocean rates typically ease as the holiday approaches, they normally remain elevated relative to levels before the rush until after the post-holiday backlog is cleared,” said Freightos (NASDAQ: CRGO) analyst Judah Levine, in a note to clients.
The Freightos Baltic Index shows Asia-U.S. West Coast prices tumbled 21% to $1,916 per forty foot equivalent unit (FEU) in the latest week. Asia-U.S. East Coast rates fell by 10% to $3,457 per FEU.
Freightos is a contributor to SONAR ocean data.
“Asia-U.S. West Coast rates slipped more than 20% last week to about $1,900 per FEU are all the way back to early December levels, suggesting that prices are already entering the post-Lunar New Year, pre-peak season lull,” Levine wrote.
The National Retail Federation U.S. ocean import report projects March volumes will dip 5% month-on-month. First-quarter demand is projected to trail year-ago levels by 7% year as retailers exercise caution and totals are compared to volumes frontloaded in Q1 last year.
U.S. container ports and air hubs have mostly recovered from the recent winter storm, though backlogs at inland rail terminals continue to cause delays for shippers.
Levine noted that record global container volumes in 2024 failed to keep pace with carriers’ expanding fleets. Maersk last week (MAERSK-B.CO) reported its first quarterly loss in years and its Gemini Cooperation partner, Hapag-Lloyd (HLAG.DE), also saw lower earnings amid traffic growth. Maersk for the first time said it would factor a major economy’s recession into its outlook, and forecast a possible profit/loss swing of $1 billion, depending on whether substantial container traffic returns to the Red Sea.
Find more articles by Stuart Chirls here.
Related coverage:
Red Sea torpedoes Hapag-Lloyd rates
Port of New York-New Jersey box gains shake off trade reset
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now