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Shifl predicts freight rates to the US may decrease further
According to Shifl, shipping rates could fall further as US retailers currently have a surplus of goods coming from China.
Shifl predicts container freight rates to the US may decrease further
According to freight forwarding platform Shifl, freight rates, and especially spot rates, have fallen sharply since the beginning of the year due to reduced consumer demand in the US market.
Reaching a peak in January 2022, around $17,000-18,000/FEU (40 feet container) from China to the US West Coast, container freight rates have dropped to around $7,000-8,000/FEU since April 2022. And according to the forecast, the freight rate will maintain this level, at least until July 2022.
China's spot freight rates to the US East Coast have fallen from a high of 19,000-20,000 USD/FEU in January 2022 to around 9,000-10,000 USD/FEU in March 2022. And according to the forecast, rates will remain at this level, at least until July 2022.
Market reports have shown that ocean freight rates for long-term contracts have risen significantly by 2022, exceeding current spot container freight rates, but that depends on what happens in China.
As Shabsie Levy, Founder and CEO of Shifl, points out, shipping rates could fall further as US retailers currently have excess stock coming from China, with lots of orders. Delays are still pending, mainly due to the ongoing lockdowns in China.
Container freight rates from Asia to North America West Coast in the week of 24/2022
See more:
- International shipping and logistics market - Week 24/2022
- Freight rates of container shipping contracts expected to increase in 2022
Source: Phaata.com (According to Shilf | ContainerNews)
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