Rates are up, down, and sideways depending on origin, equipment, and trade lane — but beneath the noise, a clear forward signal is emerging: 2026 contract levels look set to decline. Lars and Caroline walk through the extreme pricing divergence across Asia and why the Trans-Pacific feels like multiple markets stitched together.

Here’s what we break down this week:

• The $25 drop vs. $700 jump in 20-foot rates depending on origin
• Why the Trans-Pacific is splitting into multiple micro-markets
• South America’s sharp rate collapse and what it signals
• The Red Sea reopening wildcard and the contract risks shippers are missing
• The tariff updates that matter — and the ones that don’t
• Why Hapag-Lloyd gained volume without giving up rate
• What carrier Q3 results reveal about next year’s landscape

For shippers and NVOs planning 2026, this episode delivers the clearest read yet on where the market is headed.