Ocean rates have reached their lowest point since late 2023.

Ocean freight rates have plummeted to their lowest levels since late 2023, influenced by trade war-related frontloading and increased supply, with Transpacific prices decreasing by 8% week over week. U.S. import volumes are at their lowest since mid-2023 and are expected to decline further. Additionally, new U.S. fees on China-linked vessels have been implemented, although some carriers are absorbing these costs. Meanwhile, China has reciprocated with its own port fees, impacting about 5% of port calls. The situation is compounded by potential U.S. penalties against countries supporting a global carbon emissions tax in maritime shipping.