Ocean freight rates seem to have found a floor, but there are no meaningful increases expected until demand becomes stronger again. In April, ocean carriers implemented a series of ad hoc cuts to trans-Pacific vessels to boost spot rates. In May, they have turned to a more regular pattern of changing weekly services into biweekly services.
According to the Journal of Commerce, 46 trans-Pacific sailings were canceled in April accounting for 416,350 TEUs. In May there were 32 weekly sailings that were blanked, accounting for 285,655 TEUs in vessel space.
Shippers has been frequently going to their carriers to ask for discounts, eager to get a better deal amidst the ongoing weakness in spot ocean freight rates.
1. Carriers pare blank sailings in May as ocean freight rates steady, Journal of Commerce, May 25, 2023. Accessed June 6, 2023.