Shippers get boxes rolled on strong spot ocean freight rates

An increasing number of canceled sailings between Asia and the U.S. is tipping rates in the carriers’ favor.  The upshot is that ocean carriers are taking advantage of some of the best rates in three months by deferring contract cargo in favor of spot freight as shippers try to book space ahead of China’s Lunar New Year shutdown. Spot ocean freight on the main Asia-U.S. West Coast trade lane is running $1,557 per forty-foot equivalent unit (FEU) according to the Freightos Baltic Daily Index (SONAR: FBXD.CNAW). While down from a mid-January high of $1,600 per FEU, the index is at one of its best levels since October.  Similarly, spot ocean freight into the U.S. East Coast (SONAR: FBXD.CNAE) is at the highest level since September, running $2,955 per FEU.