Transpacific ocean rates up 120% since mid-May; ONE exits OCEAN Alliance loops

Summary

Asia-to-US West Coast spot rates have climbed 120% since mid-May and East Coast rates 85%, though they appear to be plateauing. In a network change, Ocean Network Express ended slot agreements with CMA CGM, OOCL and Evergreen across four Far East-US West Coast services (CP1-CP4) after the final CP1 sailing on July 6, prompting shippers to review routing.