Freightos Baltic: Trans-Pacific rates extended declines amid tariff uncertainty and eased demand

Global ocean freight rates continued their downward trend last week, led by declines on trans-Pacific routes amid softening demand and mounting uncertainty over US trade policy. Spot rates to the US West Coast fell 2% to $2,325/FEU, while East Coast rates dropped 10% to $4,411/FEU. The market is undergoing a post-peak correction, following a subdued season driven by frontloading in April and May.

With the shipping window closed for goods to arrive ahead of the revised 1 August US tariff deadline, volumes have eased significantly. West Coast rates are now 60% below their mid-June peak and 70% lower year-on-year. East Coast rates, although still 20% higher than April, have fallen 40% since June and are down 57% from last year.

Carriers are countering with blanked sailings in late July and August to curb further rate erosion. Market caution is especially high among small and mid-sized importers, who face potential tariff hikes of 25–40%, and are delaying bookings as the US considers extending tariffs to transhipped goods.

On Asia–Europe lanes, rates to Northern Europe edged up 2% to $3,572/FEU, supported by seasonal demand and port congestion. However, Asia–Mediterranean prices fell 6% to $3,568/FEU, narrowing the typical premium and pointing to possible oversupply.

With peak season momentum fading and policy clarity lacking, the global container market remains in a holding pattern. All eyes are now on the outcome of tariff negotiations in August, which could reshape freight flows and pricing dynamics heading into Q4.

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