Spot container rates have now fallen below $2,000

February 10, 2023

Category: General

Country: United Kingdom

Rates have fallen below $2,000 for the first time since the pandemic boom.

By ROBERT (BOBBY)
Senior Editor of Case Goods and Global Sourcing
February 9, 2023.

LONDON – Spot container rates fell 2% this week to an average of $1,997 per 40-foot container, their first venture below $2,000 since the pandemic boom.

According to Drewry’s World Container Index tracking indicator, spot rates are down 79% from the same week last year. Rates are now 26% lower than the 10-year average of $2,693, indicating a return to normalcy. However, rates are still 41% higher than 2019’s pre-pandemic average of $1,420.

Rates from Shanghai to Los Angeles fell slightly from last week to $2,047. From Shanghai to New York, rates fell 3% to $3,125, down 77% annually. Rates to the East Coast appear to be falling faster than rates to the West.

Contract rates remain higher than spot rates, but are expected to fall and eventually fall in line.

Courtesy: https://hfd.bridgetowermedia.com/acton/ct/41765/s-2704-2302/Bct/q-0052/l-0019:91ab0/ct7_2/1/lu?sid=TV2%3Ap1FDbismR