Data highlights:
- Average spot rates from Far East to North Europe at lowest level since 31 December 2023 at USD 2545 per FEU (40ft equivalent container).
- Far East to Mediterranean spot rates still not dropped below 2024 lowest level but down 54% from peak on 15 July to stand at USD 3740 per FEU.
- Far East to North Europe - carriers attempted to push spot rates up on 1 March, but increase lasted only a few days (see attached chart ‘Xeneta fronthaul average spot rates 14.3.25’). This is largely due to carriers increasing offered capacity in early March following steady reduction during February. Offered capacity on this trade up from 219 300 TEU in the full week starting on 24 February to 249 000 TEU in the full week starting 3 March.
- Far East to US East Coast and West Coast average spot rates down 41% and 48% since 1 January.
- Falling spot market mid-high suggests further softening in Far East to US trades. US East Coast market mid-high fallen 39% since mid February and now at same level as market average (see chart ‘Xeneta Far East to US East Coast mid high’).
(note: the ‘mid high’ represents the spot rates seen at the 75th percentile of the market)
Xeneta analyst insight - Far East to North Europe
Peter Sand, Xeneta Chief Analyst:
“Carriers arrested the decline in spot rates from the Far East to North Europe during February by reducing capacity through blanked sailings. You could say this was successful, but at the start of March carriers perhaps got a little too bold and attempted to push average spot rates up while also increasing capacity. This saw the small uptick in rates on 1 March last only a few days before starting to fall again.
“The short-lived uptick in spot rates at the start of March suggests a weakness in the market and demonstrates the difficulties carriers will face in capacity management during 2025."
Xeneta analyst insight – Far East to US
Peter Sand, Xeneta Chief Analyst:
“A falling spot market mid-high on the trades from the Far East to US means logistics providers are no longer able to ask shippers to pay a ridiculous amount to move their containers.
“This mid high area of the market is generally occupied by small to medium sized shippers and they are now calling the logistics providers’ bluff because they know there is available space on board the ships.
“The market mid high from the Far East to US East Coast and US West Coast is now at almost the same level as the market average. This isn’t unheard of, but when it has happened previously it tends to mean a further weakening of the market is to come.”
For more information or request additional insight or data from Xeneta analysts, please contact the press office:
Xeneta’s Media Contacts:
Philip Hennessey
Director of External Communications
Xeneta
+44 7830 021808
press@xeneta.com
