Efforts by container operators to place a cap on freight rates are having little impact as US demand remains strong and transpacific rates continue to climb.

Freight rates from Asia to the US East Coast (USEC) rose 5% to $22,186 per 40-foot equivalent unit (feu) on Wednesday, up a hefty $1,059 from a day earlier, according to the Freightos Baltic Index (FBX).

The rise came despite efforts of European liner operators CMA CGM and Hapag-Lloyd to freeze any further freight rate increases.