Asia-US Container Rates Fall 32% in Latest Week

Overcapacity in the trans-Pacific container trade lanes blew up carriers’ plans for November general rate increases, which had briefly pushed prices to the U.S. West Coast up to about $3,000 per forty foot equivalent unit (FEU).

Rates dropped 32% last week to $1,900 per FEU, according to the latest update from Freightos (NASDAQ: CRGO) and fell an additional $100 this week, though they remain above the $1,400 per FEU yearly low from early October. East Coast rates fell 8% last week to $3,400 per FEU and are now at $3,000 per FEU this week, roughly back to early October levels.

“Last week’s vessel fire at the Port of Los Angeles does not seem to...

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