Rebound in trans-Pacific container shipping rates has stalled

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 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…