Transpacific container freight rates have experienced their first significant drop in weeks, reflecting efforts by carriers to increase capacity on the trade.

Spot rates from Asia to North America dropped a chunky 16% ahead of the Golden Week holidays in China in what some believe is the beginning of the end to an extraordinary peak season.

Rates from Asia to the US west coast dropped to $16,153 per 40-foot equivalent unit (feu) on Thursday, a $3,029 slump from seven days earlier, according to the Freightos Baltic Global Container Index (FBX).