Core price updates

    •    China-US West Coast prices (FBX01) are $1,326/FEU, 10% down on last week. August's  GRI was a thing of the past by August 13, with prices 20% down from their July peak and a full 35% lower than the same time last year.
    •    China-US East Coast prices (FBX02 Daily) are $2,667/FEU, down 3% from last week. Prices are 20% down year on year.

Since many August orders were brought forward by apparently justified tariff fears, demand this month was strongly impacted. That's not surprising, nor was the elimination of early August's price increase as soon as  August 9th. Far more telling about peak season was the complete cancelation of mid-August price increases and ocean rates lingering 35% lower than the same time last year.

Peak season prospects are looking increasingly dim for carriers. Luckily for them, a focus on efficiency improvements seems to be paying off for some, with Maersk’s half-year earnings reporting a 25% YOY EBITDA improvement and an improved EBITDA margin on their ocean business.”