Xeneta's Weekly Ocean Container Shipping Market Update said spot rates on major trades out of the Far East continued to soften in the week to 24 July 2026, with market average rates edging lower on routes to the US West Coast, North Europe and the Mediterranean, while remaining broadly flat to the US East Coast.

The update provides data and intelligence on the latest freight rate and capacity movements across global trades, alongside commentary from Emily Stausbøll, Xeneta Senior Shipping Analyst. The figures come amid a broader rebalancing of container shipping markets, where a wave of new vessel deliveries has been expanding effective capacity while cargo demand growth has been moderating from the highs seen during recent disruption-driven spikes.

Xeneta analyst insight

Emily Stausbøll, Xeneta Senior Shipping Analyst, said:

"Spot rates on the major ocean container shipping trades out of the Far East continue to soften, edging down -1% into US West Coast, North Europe and Mediterranean while remaining flat into US East Coast. There are likely to be further declines at the start of August, but the gradual softening shows how rates fall far slower than they increase during a market spike.

"Some blank sailings are beginning to appear on trades from Asia to North America, but even if rates are starting to soften they are still at a very healthy level for carriers who will want to make sure they have capacity available to take advantage for as long as possible.

"No individual carrier wants to be the first to pull significant capacity when competitors can step in and take their volumes, which limits the scope for capacity management to reverse the spot rate decline.

"Carriers will use the renewed conflict between Iran and the United States – and the associated rise in bunker costs – as justification to slow the decline in rates through surcharges. But operationally, nothing has changed for container shipping this week because the vast majority of vessels were not transiting the Strait of Hormuz or the Red Sea before the latest escalation and they are not doing so now.

"The market fundamentals of rising capacity and cooling demand are working against carriers. While geopolitical tensions may slow the softening, they will not defy gravity."

Data highlights

Market average spot rates on 24 July 2026 were as follows:

• Far East to US West Coast: USD 6,225 per FEU (40ft container)
• Far East to US East Coast: USD 8,846 per FEU
• Far East to North Europe: USD 5,212 per FEU
• Far East to Mediterranean: USD 6,510 per FEU
• North Europe to US East Coast: USD 2,521 per FEU

Spot rate changes over the past week, comparing 24 July with 17 July 2026, were:

• Far East to US West Coast: –1% (USD 6,296 to USD 6,225 per FEU)
• Far East to US East Coast: 0% (USD 8,856 to USD 8,846 per FEU)
• Far East to North Europe: –1% (USD 5,258 to USD 5,212 per FEU)
• Far East to Mediterranean: –1% (USD 6,554 to USD 6,510 per FEU)
• North Europe to US East Coast: 0% (USD 2,522 to USD 2,521 per FEU)

Spot rate changes since the end of February, described by Xeneta as the pre-crisis level, comparing 24 July with 28 February 2026, were:

• Far East to US West Coast: +231%
• Far East to US East Coast: +234%
• Far East to North Europe: +135%
• Far East to Mediterranean: +96%
• North Europe to US East Coast: +71%

Despite the recent weekly softening, rates remain dramatically elevated relative to pre-crisis baselines, with all five major trade lanes still showing gains ranging from 71% to 234% above end-February levels. This gap underscores Stausbøll's point that downward rate adjustments tend to play out over a longer period than the sharp upward spikes seen during supply chain disruptions.

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Source: Xeneta