Spot container rates rise 10% in a week; now more than $9k to East Coast

LONDON – Spot ocean container rates rose 10% to an average of $5,868 per 40-foot container this week, a number nearly three times higher than the same time last year.

Rates from Shanghai to Los Angeles climbed $799 (+12%) to $7,472, while rates from Shanghai to New York rose $1,331 (+17%) to $9,158, according to container price analyst and tracker Drewry.

Rates are currently 43% lower than the previous pandemic peak of $10,377 in Sept. 2021, but are 313% higher than the 2019 pre-pandemic average of $1,420.

Drewry expects “a minor increase” in freight rates out of China in the coming weeks, as Asian ports face congestion issues, it said.

Spot rates are rising for a multitude of issues – most notably continued Red Sea disruption and high congestion at Asian ports.

Two major furniture importers: Ashley Furniture and Flexsteel, added freight surcharges in June. Furniture Today expects more suppliers to follow suit, as rates do not appear to be coming down any time soon.

See also:

  • Ocean carrier giants raise profit expectations on back of climbing freight rates
  • Tough year could get tougher fueled by price hikes, surcharges

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