| Contract rates | Spot rates | |
|---|---|---|
| How set | Negotiated annually (transpacific contracts typically start in May) | Quoted per shipment at market level |
| Price stability | High — fixed for the term (surcharges may still apply) | Low — moves weekly |
| Space guarantee | Better, subject to volume commitments | Weaker in peaks |
| Who uses it | Large importers, big forwarders (NVOs) | Smaller or irregular shippers |
FreightWaves has noted that roughly 60% of transpacific cargo moves under contract and 40% on spot, though the split shifts when capacity is tight.
When rates rise fast
Carriers may roll contract cargo or add surcharges when spot rates are far above contract levels. A low contract rate is only valuable if the space is honoured.
A practical mix for Vietnamese exporters
- Use a forwarder with contract rates on your lane for base volume.
- Use spot for overflow and unexpected orders.
- Keep DDP quotes short-dated when exposed to spot.
Related: carrier, NVOCC or forwarder · freight indexes.