Spot rates for ocean shipments from Asia to North America are decreasing as cargo volumes decline, with rates to the U.S. West Coast down 35% and 38% for the East Coast since July. This drop is attributed to reduced cargo demand and the impact of port strikes. Despite lower spot rates, companies like Levi Strauss are opting for air freight to meet holiday demands, while others like Costco secured contract rates to mitigate costs. Shippers should prepare for potential rate increases due to upcoming surcharges and pre-Lunar New Year demand.

Source: https://www.supplychaindive.com/news/ocean-rates-on-a-downward-trend-experts-say/730634/