For immediate release
OSLO, Norway - 16 July 2024
The Xeneta Weekly Ocean Container Shipping Market Update provides data and intelligence including the latest freight rate and capacity movements across global trades with supporting insight from Emily Stausbøll, Xeneta Senior Shipping Analyst.
Xeneta analyst insight
Emily Stausbøll, Xeneta Senior Shipping Analyst:
“Spot rates on major ocean container shipping trades from Far East to US and Europe have softened this week in a sign the triple-digit percentage spikes caused by the Middle East conflict appear to have peaked. Far East to US West Coast is down 5% week-on-week and Mediterranean is down 2%, while US East Coast and North Europe are both down 1%, with further decreases expected.
“The shift is driven by carriers continuing to ramp up offered capacity across the main fronthaul trades and the frontloading demand that fuelled the spike beginning to ease.
“Shippers pulled forward volumes at the start of peak season to avoid expected Q3 bunker adjustment factor increases and protect supply chains from the Middle East disruption rippling across global trades. The irony is this frontloading contributed to a capacity squeeze that then pushed spot rates higher than they likely would have been otherwise. Shippers will understandably take action to protect supply chains in the face of threats such as the closure of the Strait of Hormuz, but this can make the situation worse.
“The frontloading means peak season effectively started in May this year rather than July and, logically, will also be over sooner in the absence of underlying growth in container shipping demand. This, combined with increasing offered capacity, is perhaps why we are starting to see a softening in rates. Shippers who had to move goods to protect supply chains have done so. Those with the luxury of waiting may now hold off in the hope that rates come down further.
“It is too early to call this a sustained decline and spot rates remain massively elevated compared to pre-crisis levels – Far East to US West Coast is still up 252% since the end of February. Increasing military strikes between Iran and the US, while not translating directly into higher freight rates, could also pause the softening if the situation deteriorates further.
“But the direction of travel is becoming clear: capacity is rising, demand is cooling, and the market is starting to turn.”
Data highlights
Market average spot rates – 16 July 2026
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Far East to US West Coast: USD 6 611 per FEU (40ft container)
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Far East to US East Coast: USD 8 742 per FEU
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Far East to North Europe: USD 5 410 per FEU
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Far East to Mediterranean: USD 6 727 per FEU
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North Europe to US East Coast: USD 2 499 per FEU
Spot rate changes over the past week – 16 July vs 9 July 2026
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Far East to US West Coast: –5%
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Far East to US East Coast: –1%
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Far East to North Europe: –1%
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Far East to Mediterranean: –2%
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North Europe to US East Coast: +1%
Spot rate changes since the end of February (pre-crisis) – 16 July vs 28 February 2026
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Far East to US West Coast: +252%
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Far East to US East Coast: +230%
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Far East to North Europe: +144%
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Far East to Mediterranean: +102%
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North Europe to US East Coast: +69%
Offered capacity on major fronthaul trades (4-week rolling average) – w/c 13 July 2026:
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Far East to US West Coast: +6.5% from a week ago
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Far East to US East Coast: +15.4% from a week ago
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Far East to North Europe: +9.5% from a week ago
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Far East to Mediterranean: +11.0% from a week ago
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North Europe to US East Coast: –13.9% from a week ago
Ends
