Global box freight rates ease as Transpacific weakness offsets carrier price push

Container freight rates moved lower this week as softness across major Transpacific routes continued to weigh on the market, undermining carriers’ attempts to hold pricing ahead of the annual contract-setting season, according to Drewry’s latest weekly assessment.

The Drewry World Container Index fell by 2 percent to $1,806 per 40-foot container for the week ending November 27, extending the downward trend to a third consecutive week on the critical Transpacific trade. Rates from Shanghai to the US East Coast dropped sharply, with New York-bound cargo falling 6 percent to $2,735 per container. West Coast rates also declined, with shipments to Los Angeles easing 4 percent to $2,089.

Drewry attributed the overall decline primarily to weakening rate levels on both the Transpacific and Asia–Europe corridors. The pressure is expected to persist in the near term, as the number of blank sailings on Transpacific services is set to reduce in the coming week. Fewer canceled voyages could result in additional capacity entering the market, further challenging rate stability.

On the Asia–Europe route, momentum also turned negative after six straight weeks of gains. Spot prices from Shanghai to Genoa and Rotterdam slipped by 1 percent, settling at $2,300 and $2,165 per container respectively.

Despite the setback, carriers serving the Asia–Europe trade are preparing fresh rate increases in an effort to regain pricing power. New Freight All Kinds (FAK) rates in the range of $3,100 to $4,000 per container are scheduled to take effect from December 1, a move widely seen as an attempt to strengthen negotiating positions ahead of annual contract discussions with shippers.

Operational challenges in Europe are adding another layer of uncertainty. A nationwide strike in Belgium has disrupted cargo flows and caused congestion at the Port of Antwerp. Drewry warned that conditions could deteriorate further if carriers proceed with plans to increase Suez Canal transits, potentially intensifying port delays and driving short-term spot rate volatility.

Looking further ahead, Drewry’s Container Forecaster suggests the supply-demand balance could soften in the coming quarters, particularly if shipping through the Suez Canal normalises. With seasonal demand patterns shifting and geopolitical risks still influencing route choices, the consultancy expects freight rate pressure to remain a defining feature of the container market in the near term.