Spot rate destruction on the Pacific paused
The relentless decline in Pacific spot rates has reportedly paused, as shipping alliances implement strategic measures to stabilize the market. Following the complete discontinuation of its Asia to US West Coast PS5 service, the Premier Alliance is now reportedly considering further capacity reductions across the Pacific routes. These actions are explicitly aimed at bolstering the plummeting spot rates.
According to industry intelligence from eeSea, the Premier Alliance’s pendulum services, the MD2 and FP2, are no longer operational on the Pacific. This signifies a broader, coordinated effort to manage vessel capacity and rebalance supply and demand dynamics in the crucial trans-Pacific trade lanes.