Container rates drop again; have now fallen every week since July

LONDON – Spot ocean container rates fell again this week, continuing the weekly decline that started three months ago. At an average of $3,216 per 40-foot container, rates are now far lower than they were in July, when furniture importers were paying upwards of $7,000 to get a container to the West Coast, and as high as $9,000 to the East.

Rates fell 4% this week, according to rate tracker Drewry, and have now dropped 20% in the past month. Still, at more than $3,200, they’re 126% higher than the 2019 pre-pandemic rate of $1,420. They sit 69% lower than the peak of $10,377 seen in 2021.

By route, rates to the U.S. sit higher but have been dropping. Getting a container from Shanghai to Los Angeles cost an average of $4,941, a 2% decline from last week. Getting one from Shanghai to New York cost $5,609, a 3% decline.

See also:

• Rapid rise in rate: Importers report a wild ride with ocean container prices
• Why are ocean container rates rising? Taking a closer look