Container freight contract negotiations on major east-west routes are in flux after spot rates dropped to their lowest level for several years.

Spot rates on the transpacific have fallen to levels last seen in 2016 — about 50% beneath the asking price for fixed-rate deals.

Freight rates from Asia to the US West Coast (USWC) were down to around $990 per 40-foot equivalent unit (feu) on 3 April, according to the Freightos Baltic Index.