Spot rates are expected to slide below Red Sea crisis levels as the supply and demand balance falls out of kilter, with traditional high season rush having been condensed and the US and European trades suffering excess capacity levels.
Xeneta data shows that average spot rates are currently $2,274/feu on the Pacific trades and heading towards the pre-Red Sea crisis level of $1,643/feu seen on 1 December 2023.
Current capacity levels on the Pacific are 337 000 teu and according to Xeneta there is every chance average spot rates will fall to or below pre-Red Sea crisis levels as demand is expected to remain subdued for the remainder of the year.
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