Freightos Baltic: Tariff fatigue eased freight rush

The global ocean freight market extended its downward trajectory for a sixth consecutive week to 5 August, though the pace of decline has moderated. Despite subdued near-term demand, industry sources believe that downside potential is becoming increasingly limited as carriers intensify capacity control efforts.

After the US President signed an executive order to impose reciprocal tariff on a long list of trading partners earlier this month, freight rate movements were uneven across key tariff-affected origins. According to sample rates to Long Beach, spot prices from Vietnam and India remained unchanged, while Indonesian-origin rates posted an approximate 8% increase.

The initial rush in bookings triggered by the 2 April tariff announcement has largely dissipated, with most frontloading concentrated ahead of the original July implementation deadline. This has eroded momentum for any further near-term rate escalation.

Freightos’ spot rate from Asia to the US West Coast held steady at $2,342/FEU, while the rate to the US East Coast dipped 4% to $3,950/FEU, registering a sixth straight weekly fall.

On the Asia–Northern Europe corridor, spot rates remained stable at approximately $3,431/FEU—a level that has held since early July despite reports of active peak-season volumes and continued port congestion. Meanwhile, Asia-Mediterranean rates dropped 4% to $3,263/FEU, marking a seventh consecutive weekly decline and falling below the Asia–Northern Europe benchmark for the first time since November.

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Written: Farid Muzaffar