In the last week i.e. 16th- 23rd September, the Transpacific ocean shipping route remained under pressure, with carriers actively managing capacity while rate levels struggled against soft demand and shifting trade dynamics.
Carriers initially pushed through substantial General Rate Increases (GRIs), lifting spot rates on Asia–US lanes by 20–25 per cent. Yet within days after the GRIs were implemented, those increases proved fragile. Competitive pressure and weaker demand forced many carriers to roll back much of the GRI, bringing West Coast rates closer to $2,300–$2,500/FEU and East Coast rates back into the $3,100–$3,300/FEU range. This whiplash reflects a market in which fundamentals are not aligned with aggressive pricing. Also, Forwarders (especially China-based NVOs with carrier contracts) are aggressively pricing FAK (Freight All Kinds) rates near cost to hit minimum volume commitments or maintain tiers. That’s eroding spot rates.
Furthermore, the US Trade Representative (USTR) began charging fees on Chinese-owned, operated, or built vessels calling at US ports, as well as on those built in China but not under Chinese ownership or operation. Chinese-owned or -operated vessels are subjected to a fee of $50 per net tonne, rising to $140 by 2028, while Chinese-built vessels will face a lower fee of $18 per net tonne (or $120 per container), increasing to $33 per net tonne (or $250 per container) by 2028. These fees, part of a larger effort to counter China's dominance in global shipping, are limited to a maximum of five calls per year per vessel. However, due to the current sluggish demand, carriers may struggle to pass on these additional costs immediately. Instead, carriers are expected to pursue a gradual recovery through targeted surcharges or GRIs, which may gain more traction as market condition firms up.
Besides this, Cosco Shipping Ports has acquired equity stakes of 12.5% in Thai Laemchabang Terminal (TLT) and 30% in Hutchison Laemchabang Terminal Limited (HLT). Laem Chabang is Thailand’s largest deep-water port, southeast of Bangkok. It handles ~80% of Thailand’s international container throughput. TLT and HLT are the two largest terminals there. This acquisition will enable the company to deepen business cooperation with global shipping companies and partners in Thailand and Southeast Asia, expand logistics offerings including terminal extension services, and provide customers with enhanced port logistics services.
In the short term, further downward pressure on spot rates seems likely unless a sharp volume uptick occurs. Carriers are expected to maintain disciplined blank sailings and adjusted deployments to protect yield. Shippers with flexibility may find opportunities by pushing non-urgent shipments or negotiating for reduced premium slots. For time-sensitive cargo, securing space early and considering alternative routings or service levels is advisable. As U.S. port fees kick in and Golden Week approaches, volatility and select service disruptions are possible.
