Sino-US ocean freight prices fall by 70%, shipping companies cut routes and stop losses.

Entering the third quarter, the traditional peak season for maritime shipping has arrived, but the prices for shipping between China and the United States have seen a sharp decline, leading to lower export willingness among traders. On July 21st, the head of a freight forwarding company in Nanjing revealed, "From June to October is usually the peak season for exports to the United States, but currently there are not many goods and fewer inquiries." Recently, rates for the US East Coast route have fallen to $3300-3800 per FEU (Forty-Foot Equivalent Unit), while the US West Coast route is at $1700-1800 per FEU. In comparison, the rates for the US East Coast route were as high as $7000 per FEU at the beginning of June, and the US West Coast route reached $6000 per FEU. By this calculation, rates for the US West Coast route have dropped by 70%, while the US East Coast route has seen a decline of around 50%. Industry analysts suggest that prices for the US West Coast route are now approaching the cost price for shipping companies. Currently, two shipping companies have already reduced their capacity on the US West Coast route, and it is not ruled out that other companies will follow suit.