Ocean freight rates continue to decline along the major trade routes, according to Freightos Baltic Index.
Asia-US West Coast prices (FBX01 Weekly) fell 4% to $4,244/FEU.
Asia-US East Coast prices (FBX03 Weekly) fell 4% to $5,875/FEU.
Asia-N. Europe prices (FBX11 Weekly) fell 10% to $3,871/FEU.
Asia-Mediterranean prices (FBX13 Weekly) fell 7% to $4,155/FEU.
Market analysts, however, maintain that rates will stay significantly higher than usual as disruptions to the supply chain persist.
The current rates stand at roughly 2.5 times the levels seen in 2019.
Observers anticipate the possibility of additional decreases in rates before prices reach a new, elevated equilibrium.