Global – October 17, 2026 -- Asia-US West Coast container rates rose 4% last week to more than $8,100/FEU, while Asia-N. Europe prices fell 15% to $3,700/FEU, according to the Freightos Baltic Index. The split shows transpacific demand holding near peak-season levels as Asia-Europe volumes cool.
Transpacific rates stay at year highs on congestion and blanked sailings
East Coast rates were about level at $9,600/FEU. Resilient demand, a last push to move containers before the Golden Week holiday, and weather-driven Far East port congestion are keeping rates elevated. The absence of a tariff hike in late July may also have helped demand.
Some blanked sailings likely stem from congestion delays. Carriers are also trimming capacity for the holiday period and for easing demand expected later in October as peak season ends. Analysis showing fewer cancellations than in recent years may reflect the relative strength of demand.
Pandemic-era highs remain far off at $20,000/FEU
Some indices see transpacific rates approaching pandemic-era highs. FBX data show West Coast rates peaked at more than $20,000/FEU in September 2021. At that time carriers were not moving spot shipments at base rates, so premium surcharges, normally optional, became mandatory and lifted the benchmark. Current levels match those last seen in peak season 2024, when Red Sea capacity constraints were a major factor.
Asia-Mediterranean rates drop back to May levels
Asia-N. Europe rates are down from a July peak of almost $6K/FEU but remain about $1,000/FEU above their level before peak season began in late May. Asia-Mediterranean rates fell 7% to $3,900/FEU, from more than $7K/FEU in July, and are back at May levels.
The sharper Mediterranean decline may reflect more Red Sea transits on that lane than on N. Europe services. Congestion at N. Europe hubs, including low Rhine River water levels, is also constraining capacity on Asia-N. Europe trades. The Verdi labor union in Germany is voting on a possible indefinite port strike as early as October, which would worsen congestion in the region.
US-China truce extension of three to six months under discussion
US and China representatives are preparing for the Xi-Trump meeting this week. Talks reportedly aim to maintain stability rather than push major policy shifts. Tariffs introduced since the Supreme Court invalidated IEEPA have restored duties on China to within 7.5 percentage points of the level agreed last November. That agreement is set to expire this November.
The USTR has reportedly concluded an additional Section 301 investigation into excess manufacturing capacity and recommended an extra 7.5% tariff on Chinese exports. The White House was reportedly ready to announce the increase but is now expected to hold off, either to avoid escalation or to use the findings as negotiating leverage.
The administration is reportedly prepared to offer a three to six month extension of the truce. The extension would cover the pause on $1M US port call fees on China-linked vessels. Those fees took effect in mid-October last year, and China quickly imposed similar fees on US vessels. Both sides announced a one-year pause on November 10.
China-N. Europe air rates fall 18% to $4.30/kg
China-N. Europe air prices returned to mid-August levels as e-commerce demand slowed and volumes dropped. China-US rates were stable at about $6.50/kg, though daily prices this week are trending upwards. N. Europe-N. America rates rose 3%, and China-N. America rates fell 1%.