Asia-U.S. Freight Rates Drop as 2026 Gains Give Way to Lull (CRGO: Freightos)

Asia-U.S. ocean freight rates retreated from 2026 gains as demand weakened, signaling a lull likely to persist through the pre-peak shipping season. Freightos analyst Judah Levine noted that while holiday-driven rates typically decline, they usually remain above pre-2023 levels after backlogs clear. The Freightos Baltic Index showed Asia-U.S. West Coast prices down 21% to $1,916 per 40-foot equivalent unit (FEU) in the latest week, and Asia-U.S. East Coast prices fell 10% to $3,457 per FEU. Asia-U.S. West Coast rates slipped more than 20% to about $1,900 per FEU, matching early December levels. The National Retail Federation’s U.S. ocean import report projects March volumes to drop 5% month-on-month and first-quarter demand 7% year-over-year, reflecting cautious spending and frontloaded 2025 volumes. Record 2024 container traffic outpaced fleet expansion, pressuring carriers. Maersk and Hapag-Lloyd reported lower earnings, with Maersk forecasting a potential $1 billion profit/loss swing depending on Red Sea traffic recovery.