Container spot freight rates between China and Los Angeles have dropped to pre-pandemic peak season levels, but the rate of decline is seen as slowing.

Carriers continue their attempts at managing service capacity to support freight rates as volumes fall and congestion eases.

Container freight rates are expected to hit a trough in mid-2023 forecasts HSBC Global Research as spot rates fall at 7.5% a week.

The Shanghai Containerised Freight Index (SCFI) took another plunge this week, its fifth consecutive week of decline.

Container spot rates have fallen by 10% for the fourth week running as increasingly looks like the sector could be in for a hard landing.

Container spot rates have continued to plunge over the last week with the Shanghai Containerized Freight Index (SCFI) losing another 9.74%.

The Shanghai Containerized Freight Index (SCFI) plunged 10% week-on-week and is down nearly 19% over the last 14 days.

Spot rates on most major container trades have fallen significantly on-year, but a few routes bucked the overall trend.

August brought another increase in long-term container freight rates, but contracted rates look to be easing as spot rates fall.

Long term ocean box rates were up 150% on-year in May 2022, after a record monthly jump in prices.