The Freightos Baltic Global index fell 21% to $2,607/FEU in November, its lowest level since December 2020, as demand continued to slow and congestion levels decreased. This rate is 72% lower than a year ago, though still double its 2019 level.

Despite increases in blank sailings, spot rates fell significantly for all ex-Asia lanes in November as volumes declined and congestion eased at some key ports.

Despite increases in blank sailings, spot rates fell significantly for all ex-Asia lanes in November as volumes declined and congestion eased at some key ports.

Congestion levels at  LA/Long Beach posts – as measured by the absence of any vessels waiting for a berth, at least – returned to normal late this month. Backlogs are also improving at NY/NJ, though congestion remains significant at Southeast US ports and Houston. 

As such, Transpacific rates fell on both coasts, but more sharply on the West Coast, where rates fell 42% to $1,424/FEU this month, down 90% since a year ago, and essentially on par with its November 2019 level of $1,321/FEU.

The West Coast easing was partly driven by the sharper decrease in volumes handled by West Coast ports compared to those on the East Coast and Gulf, as many shippers continue to prefer these destinations in the face of the still unresolved and seemingly intensifying labor dispute between operators and the port worker union.

As such, Transpacific rates fell on both coasts, but more sharply on the West Coast, where rates fell 42% to $1,424/FEU this month, down 90% since a year ago, and essentially on par with its November 2019 level of $1,321/FEU.

Asia - N. America East Coast rates fell 31% to $3,874/FEU, 77% lower than last year but still 53% higher than in 2019.

Asia - Europe rates continued to decrease along with falling volumes as well, as prices fell 16% to $4,072/FEU, 72% lower than last year. Though improving, congestion remains a factor that, together with  increased blanked sailings, is keeping rates 180% higher than in 2019.

Transatlantic rates decreased by 7% and are 12% lower than a year ago.  But at $6,527/FEU, this lane remains the most lucrative from a carrier spot rate perspective, likely kept elevated by persistent congestion at both origins and destinations and possibly more resilient demand, as prices remain 240% higher than in 2019.

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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