Container shipping spot rates in the Asia-U.S. trade have halted their ascent after rising double digits since late June. Several spot-rate indexes are now showing a retreat from recent highs.

Spot rates still remain relatively healthy — above pre-COVID spot rates and current contract rates — and it’s too early to know whether this is the start of a pronounced reversal or just a temporary setback.

But recent rate action further undermines any lingering hopes that the goods inventory overhang amassed during the pandemic has wound down and restocking will lead to a better-than-normal peak season.

The current trans-Pacific peak season remains unexceptional, neither very good nor very bad. There’s no restocking surge yet. Demand over the latest week was “faltering” and “muted,” causing freight markets “to trend largely downward,” said price-reporting agency Platts on Monday.

“Market sentiment remains poor ahead of the Sept. 1 GRI [general rate increase,]” said Linerlytica on Monday. “Although carriers will be able to lift rates … in the coming week [with the GRI], there is considerable skepticism that the rates can hold through the rest of the month.”

WCI Asia-West Coast index declines