Freight rates on the main ocean trade routes are sinking during what is typically the industry’s peak season after cargo owners shipped holiday goods early and inflation dented consumer demand.
The cost to ship a 40-foot container from China to the U.S. West Coast now stands around $5,400 a box, down 60% from January,
A container shipped from Asia to Europe costs $9,000, 42% less than at the start of the year.
Shipping rates are set to further ease for the remainder of the year and in 2023
Market conditions have made a sharp reversal from earlier in the pandemic. Freight rates jumped roughly 10-fold in 2021 because supply-chain disruptions, port backlogs and a surge of cargo left importers scrambling for space on box ships
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