The FBX Global index was stable to start the year, ticking up 2% to $2,214/FEU in January, as slowing declines on the Transpacific coincided with some rebound in Asia - N. Europe rates. This rate is 77% lower than a year ago, but still 38% higher than in 2019.

Transpacific rates fell moderately this month. This was as East Coast congestion continued to resolve and the absence of any pre-Lunar New Year (LNY) demand increases, despite more blanked sailings. 

Transpacific rates fell moderately this month. This was as East Coast congestion continued to resolve and the absence of any pre-Lunar New Year (LNY) demand increases, despite more blanked sailings.

Asia - US West Coast rates dipped 5% to $1,325/FEU and prices to the East Coast fell 9% to $2,641/FEU. December’s prices pulled about even to 2019 levels, but January rates – without the typical LNY increase this year – were more than 20% lower than in 2019. 

Reports of full vessels and rolled Asia - N. Europe containers late in the month suggest that carriers are successfully managing capacity levels to meet falling volumes on this lane. 

Reports of full vessels and rolled Asia - N. Europe containers late in the month suggest that carriers are successfully managing capacity levels to meet falling volumes on this lane. Some uptick in demand ahead of LNY may likewise be responsible for Asia - N. Europe rates that climbed in the second half of January and closed 25% higher than a month prior at $3,420/FEU. This rate is 77% lower than last year, but nearly double January 2019 levels. 

Transatlantic rates decreased 9% to $5,222/FEU and are 28% lower than a year ago as congestion at East Coast ports and European hubs continued to ease this month, and carriers added capacity to the lane.  Although prices were more than triple 2019 levels, rates are likely to continue easing on these continuing factors and also on demand that began to decrease late last year. 

The industry now faces the typical post-LNY lull, coupled with economic factors pushing volumes down from their non-stop surge during the pandemic. Carriers are expected to increase the rate of blank sailings significantly after LNY. This is in the hope that volumes pick up in the coming months as inventories run down and consumer demand rebounds in time for peak season despite economic headwinds. 

About Judah Levine, Research Lead, Freightos

Judah is an experienced market research manager, using data-driven analytics to deliver market-based insights. Judah produces the Freightos Group's FBX Weekly Freight Update and other research on what's happening in the industry from shipper behaviors to the latest in logistics technology and digitization.


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