A key factor helping absorb some of the excess capacity, however, is the rerouting of vessels from traditional sailings.
Carriers are diverting from the Red Sea following attacks by Yemeni Houthis, and some are bypassing U.S. ports to avoid tariffs.
These longer voyages are soaking up more ships and helping provide a floor for rates, analysts said.
"These diversions continue to soak up in excess of 10% of containership supply, leading capacity utilization to a healthy level in the 86-87% range," analysts at Jefferies Research wrote, referring to the Red Sea.
And while Chinas exports to the U.S. have fallen, shipments elsewhere have climbed.
Jefferies analysts said spot bookings to the U.S. in recent weeks suggest July volumes are likely to be down, pushing transpacific freight rates to their lowest this year, but rates to markets such as Europe and Latin America remain elevated.
