On the Trans-Pacific route, the rate for a 40-foot container dropped by nearly US $ 1.000 last week, going down to US $ 11.173. This is an 8,2% decrease from the previous week, and the biggest weekly drop since March 2020.
According to Judah Levine, head of Hong Kong-based research group Freightos, the recent weakness could reflect slower production in China during its Golden Week holidays, along with the impact of energy restrictions that hit some regions.
Blueberriesconsulting.com quoted Levine as saying: “It is possible that some reduction in available supply is holding back container demand and freeing up some of the additional capacity that shipping lines have added during the peak season. It is also possible that – with ocean delays making it increasingly unlikely that shipments still not moving will arrive in time for the [Northern Hemisphere] holidays – falling prices also show that the peak of peak season has been left behind.”
Despite these reductions, maritime transport remains several times more expensive than before the pandemic, and air cargo rates also remain high. So there is no certain whether these latest declines in global shipping costs will usher in a plateau, a seasonal downward turn, or the start of a more pronounced correction.
Photo source: Dreamstime.com
Publication date: Wed 13 Oct 2021
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