A drop in imported seaborne volumes at some US ports in June was reported, as well as decreased orders for certain products from Chinese manufacturers and further signs of excess inventory. Of course, this has led to falling rates on the Transpacific route to the USWC and the USEC where they have fallen more than 13% compared to 2021.
This marks the first annual decrease since the first half of 2020. And, although these figures are still well above normal levels prior to the pandemic, spot rates show a downward trend at a time when demand corresponding to the high season should already be rising.
According to Baltic Freight Index, rates to the USWC have fallen more than 50% in the second quarter. Meanwhile, fares on the Asia-North Europe route have been stable since the beginning of May, possibly due to worsening congestion at European hubs, but are still 30% lower than in early 2022.
Of the main commercial routes, only in the Transatlantic are they higher than at the beginning of the year. On the Europe-USEC route they are 42% higher than a year ago, and around four times before the pandemic.