As carriers reduce vessel capacity in the Asia-US trade routes, spot rates have increased for the third consecutive week, marking a return to levels seen in late 2022 and early 2023.
- Jul 26, 2023, 2:00 PM CDT
Platts, an analytics and price-reporting agency, quoted multiple market participants who see effects from capacity constraints, including more limited space availability forcing shippers to book earlier and expectations for continued spot rate gains in August. Many of the newbuildings being delivered this year are ships with capacity of 24,000 twenty-foot equivalent units designed for Asia-Europe service, creating supply side pressure in that trade.
Platts assessed North Asia-West Coast North America spot rates at $1,700 per forty-foot equivalent unit on Monday, up 31% week on week to the highest level since October. Platts put North Asia-East Coast North America rates at $2,600 per FEU, up 13% week on week to the highest level since early February.
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