Transpacific rates continue to fall sharply, with increasing pressure on carriers to lower their contract rate offers. The gap between current spot rates and asking rates for the new 1 May 2024 contracts remain very wide, with the majority of contracts still not concluded. After failing to push through the 15 March GRI, carriers are also facing similar resistance to the 1 April GRI of $1,000-2,000/feu with the low market conviction that the hikes will stick. Although Transpacific freight volume