"In the last few months, however, the annualised growth rate has slightly level-shifted upwards slightly to 4-8 percent although the overall trend in 2022Q2 has been downwards." Hence, we have also used an annualised growth rate with 2019 as its base, which was the last "normal" year pre-Covid." Carriers are continuing to prioritise empty container exports out of North America West Coast, the update added. "Spot freight rates on the Far East to the U.S. East Coast have fallen by more than $3,400/FEU (-26.9 percent) since the start of this year compared to the U.S. West Coast, which has declined by$3,200/ FEU (-33.1 percent)." The spot rate from the Far East to the U.S. West Coast stood at $6,400/FEU on August 9 while the spot rate to the U.S. East Coast was $9,300/FEU.

Source: The North Africa Journal August 10, 2022 16:45 UTC