Ocean spot rates fell nearly across the board last week on a mix of a Golden Week lull, a more general easing of volumes, and persistent capacity growth, according to the latest Freightos analysis.

It noted that Asia-North Europe rates were below US$900/FEU despite indications of a gradual improvement in volumes on this lane.

Some carriers have already announced November rate increases aimed at pushing these rates back up to profitable levels. Asia - Mediterranean prices are below US$1,500/FEU so far this week, their lowest level since 2019.

It added that Asia to North America-East Coast prices fell 8% last week and continued their slide so far this week with daily rates at US$2,249/FEU, 18% lower than in 2019 and their lowest level since mid-2018. 

Freightos said Transpacific rates to the West Coast fell last week as well and slipped below US$1,500/FEU as of yesterday.

Nonetheless, this is the only major lane with prices still above 2019 levels and that have retained some of the summer GRI-driven gains, with prices still 13% higher than in mid-July.

"Ocean rates across these lanes are sinking despite high levels of blank sailings and record-slow sailing speeds, which are expected to persist into next year," the report said.

It added that there were more reports of upticks in ex-Asia air cargo demand the last few weeks, and Freightos Air Index data saw China - North America rates increase 8% last week to US$4.75/kg, and Asia - North Europe prices climb 6% to $3.94/kg.

"Despite this recent trend, many in the industry remain pessimistic that a significant air cargo peak season will materialize this year," Freightos said.

For the period, ocean rates based on the Freightos Baltic Index decreased 5% to US$1,687/FEU for the Asia-US West Coast (FBX01 Weekly). 

Asia-US East Coast prices (FBX03 Weekly) decreased 8% to US$2,434/FEU;  Asia-N. Europe prices (FBX11 Weekly) ticked up 2% to US$1,020/FEU, and Asia-Mediterranean prices (FBX13 Weekly) fell 9% to US$1,587/FEU.

Meanwhile, air rates based on the Freightos Air Index saw China - North America weekly prices increase 8% to US$4.75/kg; China - North Europe weekly prices increase 6% to US$3.94/kg; and North Europe - North America weekly prices were level at US$1.67/kg.