<h6 data-path-to-node="3"><b>Spot Pricing on Transpacific All-Water Loops Drops to $5,120 per Forty-Foot Box as Peak Retail Front-Loading Subsides and Shippers Pivot to Direct Contract Commitments Ahead of Golden Week</b></h6><p data-path-to-node="4" id="p-rc_49850d2b4afd2c14-475"><span data-path-to-node="4,0"><b data-path-to-node="4,0" data-index-in-node="0">LONDON / NEW YORK</b> — Ocean container spot freight benchmarks connecting East Asian export origins to the United States East Coast registered an accelerating downward correction heading into late September, with Drewry’s specialized spot freight assessment recording a 4.1% week-on-week contraction</span><span data-path-to-node="4,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="4,2">. Spot rates on the high-volume Shanghai-to-New York all-water corridor settled at approximately $5,120 per forty-foot equivalent unit (FEU)</span><span data-path-to-node="4,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="4,4">, marking one of the steepest single-week pricing pullbacks recorded across transpacific maritime lanes since the early summer front-loading surge began</span><span data-path-to-node="4,5"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="4,6">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2640553787=""><!----></sources-carousel-inline></p><p data-path-to-node="5" id="p-rc_49850d2b4afd2c14-476"><span data-path-to-node="5,0">The decline reflects a pronounced seasonal transition across global retail supply chains</span><span data-path-to-node="5,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="5,2">. Having aggressively pulled forward holiday merchandise, consumer electronics, and autumn inventories throughout July and August to protect against tariff reviews, potential labor deadlocks, and canal transit bottlenecks, large-scale retail procurement desks in North America have completed the primary wave of early import bookings</span><span data-path-to-node="5,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="5,4">. With the bulk of priority inventory already on the water or discharging at Atlantic seaboard quaysides, spot booking pressure has dissipated, exposing carriers to immediate capacity competition</span><span data-path-to-node="5,5"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="5,6">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2640553787=""><b><!----></b></sources-carousel-inline></p><h6 data-path-to-node="7"><b>Shifting Booking Volumes and Sourcing Dynamics</b></h6><p data-path-to-node="8" id="p-rc_49850d2b4afd2c14-477"><span data-path-to-node="8,0">The 4.1% drop in Asia–US East Coast spot rates is accompanied by major shifts in commercial booking patterns across international freight forwarding desks</span><span data-path-to-node="8,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="8,2">:</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2640553787=""><!----></sources-carousel-inline></p><ul data-path-to-node="9"><li><p data-path-to-node="9,0,0" id="p-rc_49850d2b4afd2c14-478"><span data-path-to-node="9,0,0,0"><b data-path-to-node="9,0,0,0" data-index-in-node="0">Transition from Spot Sprints to Long-Term Contract Allocations:</b> Enterprise cargo owners—including big-box home improvement chains, apparel brands, and department store retailers—have pivoted their remaining cargo flows back onto fixed-rate annual service contracts</span><span data-path-to-node="9,0,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="9,0,0,2">. With spot tariffs descending toward contract baseline parity, shippers have largely halted speculative bidding on open spot markets, leaving spot allocations underutilized on several East Coast loops</span><span data-path-to-node="9,0,0,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="9,0,0,4">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2640553787=""><!----></sources-carousel-inline></p></li><li><p data-path-to-node="9,1,0" id="p-rc_49850d2b4afd2c14-479"><span data-path-to-node="9,1,0,0"><b data-path-to-node="9,1,0,0" data-index-in-node="0">Exhaustion of Peak Season Surcharge (PSS) Premiums:</b> Ocean carriers have steadily withdrawn aggressive peak-season emergency surcharges and equipment guarantee premiums that added upwards of $1,000 to $1,500 per container during the mid-summer rush</span><span data-path-to-node="9,1,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="9,1,0,2">. Freight forwarders in New York and New Jersey confirm that carriers are offering all-inclusive base Freight All Kinds (FAK) quotations without attaching mandatory priority-loading add-ons</span><span data-path-to-node="9,1,0,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="9,1,0,4">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2640553787=""><!----></sources-carousel-inline></p></li><li><p data-path-to-node="9,2,0" id="p-rc_49850d2b4afd2c14-480"><span data-path-to-node="9,2,0,0"><b data-path-to-node="9,2,0,0" data-index-in-node="0">Narrowing West Coast vs. East Coast Rate Spread:</b> The sharp contraction on the East Coast route has narrowed the pricing spread relative to Pacific West Coast discharge ports</span><span data-path-to-node="9,2,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="9,2,0,2">. While spot rates to the US West Coast hover near $4,200 per FEU, the premium for all-water transit into New York, Savannah, and Norfolk has compressed to less than $1,000 per FEU, disincentivizing some cargo owners from using intermodal rail landbridges out of Southern California</span><span data-path-to-node="9,2,0,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="9,2,0,4">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2640553787=""><b><!----></b></sources-carousel-inline></p></li></ul><h6 data-path-to-node="11"><b>Supply-Side Factors: Newbuild Injections and Canal Draft Stabilization</b></h6><p data-path-to-node="12" id="p-rc_49850d2b4afd2c14-481"><span data-path-to-node="12,0">The downward pricing trajectory is influenced by significant operational and fleet changes across mainline vessel networks</span><span data-path-to-node="12,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="12,2">:</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2640553787=""><!----></sources-carousel-inline></p><ul data-path-to-node="13"><li><p data-path-to-node="13,0,0" id="p-rc_49850d2b4afd2c14-482"><span data-path-to-node="13,0,0,0"><b data-path-to-node="13,0,0,0" data-index-in-node="0">Delivery of Newbuild Container Tonnage:</b> East Asian shipbuilders have sustained an aggressive pace of mega-containership completions throughout the third quarter, delivering an influx of 13,000-to-16,000-TEU neo-Panamax vessels designed specifically for transatlantic and transpacific all-water strings</span><span data-path-to-node="13,0,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="13,0,0,2">. The injection of these modern hulls has expanded nominal capacity across East Coast rotations, creating localized slot surpluses at major departure hubs like Ningbo-Zhoushan, Yantian, and Xiamen</span><span data-path-to-node="13,0,0,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="13,0,0,4">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2640553787=""><!----></sources-carousel-inline></p></li><li><p data-path-to-node="13,1,0" id="p-rc_49850d2b4afd2c14-483"><span data-path-to-node="13,1,0,0"><b data-path-to-node="13,1,0,0" data-index-in-node="0">Stabilized Transit Reliability:</b> The easing of seasonal water restrictions at the Panama Canal has allowed carriers to operate higher-capacity neo-Panamax vessel strings with fewer container weight penalties</span><span data-path-to-node="13,1,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="13,1,0,2">. Improved waterway throughput has reduced vessel routing deviations, helping carriers re-synchronize disrupted weekly schedules and avoid prolonged quayside delays at Gulf and Atlantic ports</span><span data-path-to-node="13,1,0,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="13,1,0,4">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2640553787=""><!----></sources-carousel-inline></p></li><li><p data-path-to-node="13,2,0" id="p-rc_49850d2b4afd2c14-484"><span data-path-to-node="13,2,0,0"><b data-path-to-node="13,2,0,0" data-index-in-node="0">Carrier Capacity Discipline and Golden Week Blank Sailings:</b> In an effort to prevent an unconstrained spot rate spiral, ocean alliances—including the Ocean Alliance, Gemini Cooperation, and Premier Alliance—have begun scheduling tactical blank (void) sailings for late September and early October</span><span data-path-to-node="13,2,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="13,2,0,2">. Carriers are projected to void roughly 7% to 9% of scheduled capacity across transpacific strings to match the anticipated production lull during China’s National Day Golden Week holiday</span><span data-path-to-node="13,2,0,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="13,2,0,4">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2640553787=""><!----></sources-carousel-inline></p></li></ul><h6 data-path-to-node="15"><b>Structural Cost Floors Prevent Return to Pre-Crisis Parity</b></h6><p data-path-to-node="16" id="p-rc_49850d2b4afd2c14-485"><span data-path-to-node="16,0">Despite the recent slide, maritime freight economists warn that the spot container market is not heading toward a catastrophic collapse comparable to historical post-boom downcycles</span><span data-path-to-node="16,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="16,2">:</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2640553787=""><!----></sources-carousel-inline></p><ul data-path-to-node="17"><li><p data-path-to-node="17,0,0" id="p-rc_49850d2b4afd2c14-486"><span data-path-to-node="17,0,0,0"><b data-path-to-node="17,0,0,0" data-index-in-node="0">Absorption via Cape of Good Hope Reroutings:</b> Extended circumnavigations around the African continent continue to absorb substantial nominal container fleet capacity across global shipping loops</span><span data-path-to-node="17,0,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="17,0,0,2">. By extending round-trip voyages by 10 to 14 days, carriers require additional vessels per rotation to sustain fixed weekly departures, preventing global vessel supply from completely overwhelming trade demand</span><span data-path-to-node="17,0,0,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="17,0,0,4">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2640553787=""><!----></sources-carousel-inline></p></li><li><p data-path-to-node="17,1,0" id="p-rc_49850d2b4afd2c14-487"><span data-path-to-node="17,1,0,0"><b data-path-to-node="17,1,0,0" data-index-in-node="0">Escalating Bunker and Environmental Compliance Expenses:</b> Sustained high marine fuel costs, combined with emissions monitoring mandates under international maritime regulations, have permanently pushed up daily vessel operating costs per nautical mile</span><span data-path-to-node="17,1,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="17,1,0,2">. These elevated operational baselines ensure that container lines must maintain pricing floors well above historical pre-2024 thresholds to remain commercially viable</span><span data-path-to-node="17,1,0,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="17,1,0,4">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2640553787=""><!----></sources-carousel-inline></p></li></ul><h6 data-path-to-node="19"><b>Market Commentary and Procurement Advisory</b></h6><p data-path-to-node="20" id="p-rc_49850d2b4afd2c14-488"><span data-path-to-node="20,0">Commenting on the weekly freight indices from London, senior maritime economists at Drewry stated</span><span data-path-to-node="20,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="20,2">:</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2640553787=""><!----></sources-carousel-inline></p><p data-path-to-node="21" id="p-rc_49850d2b4afd2c14-489"><span data-path-to-node="21,0">"The 4.1% week-on-week dip in Asia–US East Coast spot rates indicates that the intense, front-loaded peak season has run its course</span><span data-path-to-node="21,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="21,2">. Importers who rushed container allocations forward earlier in the summer have largely secured their baseline retail stocks</span><span data-path-to-node="21,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="21,4">. While shipping alliances are preparing blank sailing schedules to protect fourth-quarter rate floors, the combination of incoming newbuild container ships and softening demand momentum gives cargo owners greater negotiating leverage heading into fourth-quarter contract renewals</span><span data-path-to-node="21,5"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="21,6">. Shippers should leverage this pricing window while remaining mindful of underlying carrier capacity management ahead of Golden Week</span><span data-path-to-node="21,7"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="21,8">."</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2640553787=""><!----></sources-carousel-inline></p><p data-path-to-node="22" id="p-rc_49850d2b4afd2c14-490"><span data-path-to-node="22,0">Drewry’s container freight intelligence teams project that East Coast spot tariffs will continue to experience moderate downward pressure over the next two to three weeks, likely finding an operational equilibrium in the $4,800 to $5,000 per FEU range as carrier capacity management takes full effect across autumn rotations</span><span data-path-to-node="22,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c342778000="" class="ng-star-inserted"><sup _ngcontent-ng-c342778000="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="22,2">.</span></p>