Container rates from East Asia and China to the US were largely flat this week. The US West Coast edged up at the low end to $7,540-8,340 per FEU, while the East Coast slipped slightly at the low end to $9,300-11,500 per FEU. Both lanes remain near their highest levels since mid-2022.
On the Shanghai lanes, Drewry reported rates flat to Los Angeles and down 3% to New York. Freightos put the West Coast essentially unchanged and the East Coast down 6%. The Shanghai Containerized Freight Index (SCFI) fell 1.46%, its first decline after four straight weekly gains.
Carriers are still propping up the market with capacity controls, but the pace is easing: three blank sailings are scheduled for next week, down from five this week, adding effective capacity back. Congestion at Chinese ports is also clearing, with average vessel waiting time at Shanghai down to 35 hours last week as weather improved and demand softened. Drewry expects rates to stay under downward pressure and sees room for near-term declines.
Carriers had announced general rate increases (GRIs) for 1 November, but whether they stick is unclear. Judah Levine, head of research at Freightos, said some forwarders doubt the increases will hold now that the transpacific lane has finally entered its slow season.
For shippers moving Asia-US cargo, the current window is not unfavorable: prices are not spiking and capacity is not yet tight. But with blank sailings dropping from five to three, carriers appear to be testing the market. If volumes keep softening, there should be room to negotiate rates lower, so there is little reason to lock in long-term contracts right now.