Companies See Relief in Falling Spot Rates for Transpacific Freight

Long-term ocean freight rates between China and the US West Coast are higher than spot prices for the first time since April 2020.

The average price for long-term contracts — on shipments moving in about three months or more — was 2.7% higher on average than the cost for short-term movement on transpacific routes as of Tuesday, according to freight market-analytics firm Xeneta.