Trans-Atlantic Rates Fall To Pre-Pandemic Levels

07 Dec Trans-Atlantic Rates Fall To Pre-Pandemic Levels

Excess capacity and weak US import demand has seen freight rates across the Trans-Atlantic fall below pre-pandemic levels, with the spot rate down 57% from the same period in 2019.

According to PIERS, total containerised imports from Asia tumbled 21% year over year through August in comparison to the same period in pre-pandemic 2019.

In response to this weakened market, shipping organisations are reviewing costs and reducing capacity via the cancellation of services and blank sailings.

However, retailer speculation indicates a positive turn of 0.1 throughout this month of October before increasing by 10.4% in November and 12% in December as retailers prepare for what they believe will be a strong holiday shopping season.