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Spot rates on Transpacific Eastbound lanes remain elevated, though most have settled a bit since the January 15 increase. From Asia base ports, rates to West Coast ports remain in the high $4000+ range per FEU. To the East Coast, there is a wider range in the market, $6000-7000+ per FEU, depending on the service; $7000+ per FEU to Gulf Coast ports, and $6500-8000+ per FEU to Chicago CY.

Carriers are hoping to implement another rate increase as of February 1, at least $1000/FEU on most services. Whether the market will sustain another increase of that size is still unclear. Many factories in Asia will be closing ahead of the February 10 start to the Lunar New Year holiday; some will remain closed for 1-2 weeks. With the situation in the Red Sea region remaining unchanged for the last few weeks and carriers settling into their current routing patterns, there is an expectation in the market that space issues will ease and put downward pressure on rates after the holiday. However, carriers are eyeing blank sailings to keep supply balanced and rates at a higher level through spring contract negotiations.

Rates from Europe to the US are also scheduled to increase for February. Carriers are attempting an increase of $500+ per FEU from N. Europe base ports to US ports. Some services are booked up through mid-February.

Earlier this month, Maersk and Hapag-Lloyd announced a new ocean alliance set to launch in February 2025, a collaboration known as the Gemini Cooperation. The carriers plan to partner on seven major East-West trades, focusing on higher reliability and fewer hub port calls, with more feeder services connecting gateways. There will likely be more changes announced this year impacting the remaining global alliances, particularly THE Alliance, which Hapag-Lloyd will be exiting upon implementation of the Gemini Cooperation.

Early booking is still highly recommended across the board, at least 3-4 weeks, to ensure space on the desired service and routing.

 

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Your CVI team is here to assist you through these current market challenges. Ocean freight, air freight, domestic road/rail, and Customs Compliance – count on our dedicated professionals to care for you and your supply chain. Call us and let us show you what we can do!

 

Rachel Shames

VP, Pricing & Procurement

CV International, Inc.

 

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Rachel serves as Vice President, Pricing and Procurement for CVI. Her responsibilities include vendor selection, contract management and negotiation, transportation pricing, FMC compliance, and international agent network management.

Rachel began her career in international shipping with CMA-CGM America. She joined CVI in 2011, gaining experience in various departments with a focus on inside sales and marketing for the company. In 2014, Rachel assumed the role of Manager, Transportation, working on service procurement and development of client proposals. She has served in her current position since 2018.

A native of Norfolk, Virginia, Rachel earned her bachelor’s degree from the University of Michigan in 2005. She holds a Master of Business Administration with a concentration in Maritime and Supply Chain Management from Old Dominion University.

– Rachel Shames, VP, Pricing & Procurement, CVI
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