There is no fresh direction on the transpacific, with rates continuing to erode. Although the SCFI rates to the USWC held above $4,000 per feu, carriers are offering special rates that were as much as $500 lower than these FAK rates in order to secure additional volumes. The recent rate correction has weakened carriers’ bargaining position for the new service contract that will start from May 2024 with final contract rate levels expected at below $2,000/feu against benchmark rates of $1,200-1,6