According to Freightos, rates from Asia to the U.S. West Coast dropped 8% in the Baltic Index for the week ending Feb. 21, reaching $4,362 per forty-foot equivalent unit (FEU). Meanwhile, Asia-to-U.S. East Coast rates fell 11% to $5,698 per FEU.
“The post-Lunar New Year slowdown has driven a 30% decline in rates since January, including reductions in some peak season surcharges that have been in place for over a year,” said Judah Levine, Head of Research at Freightos. “Some of the current demand drop may be temporary, as factory production is still ramping up after the holiday.”
Despite recent declines, container prices on these trade lanes remain about $1,000 per FEU higher than a year ago. Levine noted that elevated Q4 rates were largely due to shippers frontloading shipments ahead of tariff hikes. “The current rate decline may indicate that the urgency to pull forward shipments is easing, as many shippers have been stockpiling inventory since November,” he added.
Rates from Asia to North Europe fell 7% to $2,954 per FEU, while Asia-to-Mediterranean prices saw a similar 7% drop to $4,129 per FEU.
These rate movements are being closely monitored, particularly as contract negotiations between carriers and shippers gain momentum.
In 2024, carriers reaped billions in windfall profits due to supply disruptions caused by Red Sea violence and labor unrest at U.S. East Coast ports, which tightened vessel capacity and raised operating costs. However, industry sentiment points to lower contract rates in 2025, as shipping patterns stabilize and carriers absorb the delivery of new vessels—an estimated 8 million twenty-foot equivalent units—while adjusting their alliances accordingly.
To counter falling rates, some carriers have attempted general rate increases with mixed results. Canceled (blank) sailings are being used to manage capacity, and older vessels may be retired once newer ships enter service.
However, expectations for lower rates are now facing new uncertainties. The Trump administration’s recently imposed or anticipated tariffs on imports from China, Canada, and Mexico are prompting logistics planners to reassess supply chains. Additionally, a new proposal from the U.S. Trade Representative to introduce costly port fees on Chinese-built and -operated ships calling at U.S. ports could have widespread implications for major ocean carriers.
Source: www.freightwaves.com
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