Average rates from Asia to the US West Coast have fallen 6% since last week to about $6,500/FEU, a level last seen back in May of 2021 and two-thirds lower than a year ago, according to the latest data from Freightos Ocean freight rates continued to slide this week, but prices for container ship charters and secondhand sales, along with increased scheduled capacity through October, suggest carriers do not expect a collapse in volumes, according to freight rates specialist Freightos. Average rates from Asia to the US West Coast continued their decline, falling 6% since last week to about $6,500/FEU, a level last seen back in May of 2021 and two-thirds lower than a year ago, according to the latest data from Freightos. Asia - N. Europe prices dipped 7% in the last two weeks and are 30% lower than last year, after being stable since the end of April. Asia - US East Coast rates ticked up 4%, possibly a sign of worsening congestion, but are nearly 50% lower than this time last year, Freightos reported. Despite the falling prices, there are signs that ocean carriers don’t view this trend as the start of a complete collapse, said Judah Levine, Head of Research, noting that continued elevated rates for secondhand and chartered container ships show ocean carriers are still looking for capacity. Carriers have also scheduled 20% more transpacific capacity through October compared to last year. “These moves also suggest that carriers don’t anticipate port congestion to dissipate anytime soon: though trucker protests in Oakland were no longer impacting operations by the start of the week, congestion at inland rail hubs are creating a container backlog in LA/Long Beach, and a buildup of empty containers is slowing operations on the East Coast,” Levine said. Ex-Asia air cargo typically experiences a lull in the summer months before the air peak season in the fall. Freightos.com marketplace rates show China - US West Coast prices have fallen 15% in the last month, though rates are still about twice the pre-pandemic norm, Levine noted. “With the return of transatlantic passenger travel, the Freightos Air Index shows Europe - US East Coast prices are 28% lower than a year ago, but with added fuel costs and labour shortages are still about 50% higher than normal,” Levine highlighted.