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Monday, 08/11/2021, 22:39 (GMT +7)
2058
Container freight rates on the transpacific route have fallen by 50% since September
Spot container freight rates fell sharply in October, with the price of shipping a 40-foot container from China to the Port of Los Angeles dropping from a high of $17,500 to $8,500, or down 51.4% compared to September 2021..webp)
Container freight rates from China - Los Angeles have been reduced by 50% since September (Image: Phaata.com)
Shippers are easing the burden from a drop in spot market rates for the China-US service during the first week of October and are expected to continue into November, according to Shifl digital freight forwarder.
Shabsie Levy, CEO & Founder of Shifl said, “With the holiday shopping rush seemingly over and the already ordered goods sitting inside thousands of containers on many ships across the US, the drop-in freight rates on the spot market continues into November 2021.”
The New York-based company previously found that spot container freight rates fell sharply in October, with the price of shipping a 40-foot container from China to the Port of Los Angeles down from a high of $17,500 down to 8,500 USD, which is a decrease of 51.4% compared to September
Container freight rates from China to the US West Coast (Source: Shifl)
According to Shifl data, November 2021 spot container freight rates on the China - East Coast US route were around $13,800 per container in November, representing a 29% decrease from September with freight rates at $19,500.
Container freight rates from China to the US East Coast (Source: Shifl)
Regarding future projections, Levy said, "Based on the current market conditions, I visualise a slight uptick in rates just before Chinese New Year."
Shifl CEO added: “After Chinese new year as we head into the traditionally quieter months, I am confident we will see the rates on a stable downward trajectory.”
See more:
- Freight rates will begin to stabilize in mid-2022 - Aurelio Martínez, President of PAV
- Container spot rates fell slightly, while long-term rates continued to increase
- Container shortages, port congestion and ship delays have pushed freight rates sky-high
- Container freight rates under long-term contracts increased to a record 28.1% in July
- Shipping demand hasn't exploded globally, so why are freight rates so high?
- Container shipping rates continue to rise
Source: Phaata.com (According to ContainerNews)
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