Trans-Pacific freight rates stay elevated as carriers cut capacity despite soft demand

Trans-Pacific container spot rates remain above levels seen before the Iran war began in late February, driven more by carrier capacity cuts than stronger demand, Freightos said May 14, 2026. The Freightos Baltic Index showed Asia-U.S. West Coast rates rose 4% to $2,828 per forty-foot equivalent unit for the week ended May 08, 2026, while Asia-U.S. East Coast rates increased 1% to $4,340 per FEU. Rates are about $1,000 per FEU above pre-war levels. Asia-North Europe spot rates were 10% higher at $2,850 per FEU but were trending lower this week. Freightos analyst Judah Levine said carriers are adding blank sailings and modest mid-month rate increases to support spot prices during weak demand. Maersk said the Strait of Hormuz closure is adding about $500 million in monthly costs, largely passed through in freight rates. The National Retail Federation projects June trans-Pacific volumes 2% below May and July volumes 4% above June before easing again.