“Average spot rates are down this week across all main fronthaul trades out of the Far East. From Far East to US West Coast and US East Coast, it is a textbook market development with falling spot rates coinciding with a slight uptick in offered capacity,” said Peter Sand, Xeneta Chief Analyst.
“It is a different story from Far East to North Europe where offered capacity has decreased week-on-week but spot rates continue to fall. This suggests an even weaker market on this trade.
“2026 is expected to be a year defined by overcapacity in container shipping, compounded by a largescale return of services to the Red Sea. Rising tensions between US and Iran could influence this situation, especially if it threatens Houthi militia resuming attacks on merchant ships in the Red Sea
“Even if there is not a full escalation in conflict between US and Iran, the military posturing and rhetoric from political leaders can influence the security situation in the region and see carriers slow down plans to resume Red Sea transits. If so, this would delay a largescale return of container shipping to the Red Sea and ease the overcapacity headache for carriers deeper into 2026.”
Data highlights
Market average spot rates – February 19, 2026:
- Far East to US West Coast: $1,889 per FEU (40ft container)
- Far East to US East Coast: $2,688 per FEU
- Far East to North Europe: $2,251 per FEU
- Far East to Mediterranean: $3,363 per FEU
- North Europe to US East Coast: $1,492 per FEU
Offered capacity (4-week rolling average) – w/c 16 February 2026:
- Far East to US West Coast: +2.7% from a week ago
- Far East to US East Coast: +2.2% from a week ago
- Far East to North Europe: -3.4% from a week ago
- Far East to Mediterranean: +0.9% from a week ago
- North Europe to US East Coast: -9.6% from a week ago