Container rates are now down 73% from peak, but still well above 2019

November 11, 2022

Category: General

Country: United States

Rates are 26% lower than the 5-year average of $3,759.

ROBERT (BOBBY) DALHEIM
Senior Editor of Case Goods and Global Sourcing
November 10, 2022.

London – Spot container rates fell 9% this week to $2,773 per 40-foot container, marking the 37th consecutive weekly drop.

According to Drewry’s World Container Index tracking indicator, rates are now 73% lower than the peak of $10,377 reached in September 2021. Rates are 26% lower than the five-year average of $3,759, indicating a return to more normal prices, but remain 115% higher than average 2019 rates of $1,420.

Spot rates on Shanghai to New York fell 6% or $343 to $5,351 per 40-foot box. Similarly, rates on Shanghai on Los Angeles slid 4% to $2,262 per 40-foot container. Drewry expects smaller week-on-week reductions in rates in the next few weeks.

Courtesy: https://hfd.bridgetowermedia.com/acton/ct/41765/s-242a-2211/Bct/q-005e/l-0019:91ab0/ct9_1/1/lu?sid=TV2%3ArAr6wNFbE