Ocean Freight Rates Tested Amid Capacity Surplus and Economic Uncertainty

Major liner operators are managing capacity to counter economic uncertainty in the trans-Pacific trade lane. Freightos Baltic Index saw Asia-U.S. West Coast rates climb 48% to $2,958 per forty foot equivalent unit, but daily rates are trending down. Despite the busiest U.S. container gateways on track to top last year's record volumes, carriers face continued fleet growth and climbing overcapacity. The current low demand period poses a challenge to carrier GRI ambitions.