Spot container rates fall, now soundly below what they were pre-pandemic

October 31, 2023

Category: General

Country: United Kingdom

According to container price tracker Drewry, rates fell 2% last week to an average of $1,342.

By Bobby Dalheim -Senior Editor
Case Goods and Global Sourcing
30th October, 2023

London – Spot container rates have fallen around 25% over the past two months, pushing them below pre-pandemic levels and perhaps marking the end of a saga that saw them soar to more than $10,000 per container.

According to container price tracker Drewry, rates fell 2% last week to an average of $1,342, representing a drop of 57% from the same time last year. Average rates are now 6% lower than the average 2019 pre-pandemic rates of $1,420 and are the lowest seen in three years.

They’re now approaching 10 times lower than the peak of $10,377 reached in September 2021.

Spot rates from Shanghai to Los Angeles fell 1% last week to $1,961, while rates from Shanghai to New York fell 3% to $2,552. The two routes might slowly be evening out, with Shanghai to New York prices falling at a slightly faster pace.

Courtesy: Hometextilestoday.com