Trans-Pacific spot container shipping rates have crossed two bearish thresholds. It depends on which indexes you believe, but according to Drewry’s, spot freight rates are now below where they were at this time last year, and according to Xeneta’s, spot rates are now below current contract rates.

Spot shipping rates now versus last year

Drewry’s weekly spot rate assessment, released Thursday, put Shanghai-Los Angeles rates at $7,952 per forty-foot equivalent unit, down 7% year on year (y/y). Drewry put the Shanghai-New York rate at $10,403 per FEU, also down 7% y/y.