Transpacific contract rates for smaller BCOs are settling at the 1,600-1,700/feu level to the US West Coast, which are $200-400 higher than the rates done for larger BCOs. These rates are also 10-20% higher than average contract rates for the 2023-24 season but are substantially lower than current spot market rates of $2,800 to 3,100 per feu which will provide incentives for other BCOs to accept higher contract rates. Several carriers have filed for a fresh round of rate increases from 1 May o