There is no fresh direction on the transpacific, with rates continuing to erode.
Although the SCFI rates to the USWC held above $4,000 per feu, carriers are
offering special rates that were as much as $500 lower than these FAK rates in
order to secure additional volumes.
The recent rate correction has weakened carriers’ bargaining position for the
new service contract that will start from May 2024 with final contract rate
levels expected at below $2,000/feu against benchmark rates of $1,200-1,6