Global ocean container freight rates suffered their sharpest weekly decline of the year as nearly 140,000 TEU of newly constructed vessel capacity entered commercial service.

Spot pricing on major transpacific and Asia-Europe arterial lanes dropped between 14% and 18%, according to data compiled by the Corridor Freight Index.

To stem further erosion of contract rates, carrier alliances have announced an aggressive schedule of twenty-four blank sailings across the next six weeks.

Importers of consumer electronics and seasonal apparel have welcomed the rate relief, though port congestion risks remain elevated at inland rail heads.