The Freightos Baltic Global index increased 6% month on month in November to $1,156/FEU as carriers had some success in tightening capacity and pushing rates up after prices fell in September and October for most lanes. The overall state of overcapacity in the market, however, is helping keep this rate 11% lower than in 2019.

Transpacific rates to the West Coast climbed to more than $1,700/FEU early in the month before landing just 3% above October’s level at $1,613/FEU. However, with this moderate bump, prices are 20% higher than in 2019 and the only rates higher than at the start of the year. 

Drought-driven daily transit reductions in the Panama Canal have so far not had a significant impact on container flows or prices. However some carriers have announced surcharges for containers on this lane starting in late December, which could put upward pressure on rates in the coming weeks.

Prices to the East Coast retained much of their early month increase and at $2,362/FEU were 7% higher than in October, although still 8% below 2019 levels. Drought-driven daily transit reductions in the Panama Canal have so far not had a significant impact on container flows or prices. However some carriers have announced surcharges for containers on this lane starting in late December, which could put upward pressure on rates in the coming weeks. Canal authorities have announced further transit reductions that will be rolled out gradually through February 2024.

Asia – North Europe rates, which had dipped to extreme lows of less than $1K/FEU in October, rebounded somewhat on early month GRIs up to $1,380/FEU. However, prices declined in the second half of the month to $1,211/FEU, a 15% gain on October but still 17% lower than in 2019.

Carriers have announced additional – and more ambitious – GRIs for December as they face particular pressure to push spot rates up amid annual contract negotiations. Some carriers are reportedly extending 2023 contract terms through January to allow more time for spot recovery before finalising long-term contracts.

Carriers have announced additional – and more ambitious – GRIs for December as they face particular pressure to push spot rates up amid annual contract negotiations. Some carriers are reportedly extending 2023 contract terms through January to allow more time for spot recovery before finalising long-term contracts.  But persistent overcapacity and easing demand during ocean’s lull period between peak season and Lunar New Year could make rate increases all the more challenging.

Asia-Mediterranean rates climbed 9% in November on GRIs and capacity reductions, closing the month at $1,492/FEU and about even with 2019 levels. Despite continued reports of volume strength on this lane, overcapacity has been enough to put downward pressure on rates and make increases like November’s dependent on blanked sailings.

Transatlantic prices saw their first moderate month-on-month rise since rates began their decline in August 2022.  Prices increased 18% in November to $1,228/FEU, a sign that carriers may be starting to reduce capacity more effectively, although probable volume increases in November likely also played a role in higher rates. Nonetheless, volumes that remain below and capacity that still exceed 2019 levels are keeping rates 36% lower than in November 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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