Spot rates have been softening on the major fronthaul trades from the Far East to the US and Europe since peaking in July. The biggest drops have come between the Far East and the Mediterranean, falling 32.6% between 1 July and 19 September. A similar decrease in rates of 31.5% was seen into North Europe over the same period.
Initially rates to the US fell faster than those to Europe, but the latter have caught up, with rates to the US West Coast from the Far East down by 22.7% from 1 July and those from the US East Coast down 16.3%.
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