Peak season is beginning to wind down, and transpacific ocean freight rates are showing the first signs of easing. However, prices remain historically elevated, with current levels broadly comparable to those seen during the 2024 peak season, when Red Sea disruptions and preparations for an East Coast labor strike placed significant pressure on capacity.
According to Freightos’ weekly update published Sept. 8, transpacific rates declined slightly last week after remaining at peak-season levels since July.
The Asia-to-U.S. West Coast spot rate fell 1% week over week to $7,569 per FEU, according to the Freightos Baltic Index. On the Asia-to-U.S. East Coast, the spot rate declined 3% to $9,505 per FEU.
Transpacific rates remain close to 2024 peak levels
Despite the recent decline, freight prices remain well above normal seasonal levels. Freightos said current rates on the Transpacific trade lane are roughly in line with those recorded during the 2024 peak season.
That earlier period was marked by major capacity disruptions linked to vessels being diverted around the Red Sea, while frontloading ahead of a potential East Coast labor strike also contributed to a sharp increase in demand and freight rates.
The current market is being shaped by a different combination of factors, although the pressure on available capacity remains visible.
By the numbers
$7,569
Spot rate per FEU from Asia to the U.S. West Coast, as of Sept. 8.
$9,505
Spot rate per FEU from Asia to the U.S. East Coast, as of Sept. 8.
Source: Freightos
Peak season approaches its final weeks
With peak season now entering its final weeks and rates beginning to move lower, Freightos’ latest update indicated that additional increases on the Transpacific trade lanes are unlikely.
Demand remained elevated from early May through late July, helping keep ocean freight prices high. At the same time, congestion at several Asian ports has added another layer of pressure to the network.
Weather has become an important factor as well.
A series of typhoons has affected the region since mid-July. Typhoon Saudel disrupted operations at the ports of Ningbo and Shanghai in China, according to a Sept. 4 update from Kuehne + Nagel.
Ningbo was closed for 78 hours before Sept. 3, while Shanghai was dealing with approximately 42 vessels at berth and 99 vessels at anchorage last week, according to the company.
Freightos also reported that the typhoon had disrupted operations as far north as Busan, South Korea, while warning that the system could remain strong enough to affect Shenzhen.
The latest disruptions follow a broader sequence of weather-related interruptions. About two weeks ago, a series of storms prevented ports from clearing accumulated backlogs before shutdowns. Ocean carriers subsequently skipped calls at some of the most congested ports.
As a result, transshipment volumes increased at other ports across the region, Freightos said.
For carriers and shippers, the combination of fading peak-season demand and persistent congestion means that the transpacific market is finally showing signs of cooling, but freight costs remain significantly elevated.
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