Spot ocean container rates have fallen 28% in a month

Ocean spot rates seem to have picked up speed in their descent.

Bobby Dalheim //Senior Editor of Case Goods and Global Sourcing//December 1, 2022

LONDON – Spot container rates fell 5% this week to an average of $2,284 per 40-foot container. Over the past four weeks, rates have fallen 28%. This week also marks the 40th consecutive decrease.

According to Drewry’s World Container Index tracking indicator spot rates are down 75% from the same week last year. Rates are now 15% lower than the 10-year average of $2,692, indicating a return to more normal prices. But even so, rates are still 61% higher than the 2019’s pre-pandemic $1,420.

Rates from Shanghai to Los Angeles fell 1% to $2,039. Shanghai to New York saw a much steeper drop of 9%, but the route remains significantly higher than rates to the West Coast at around $4,408 per container.

Contract rates are harder to judge. FreightWaves reported that giants Maersk and Hapag-Lloyd are holding its contract rates steady. Israeli carrier Zim on the other hand said its renegotiating rates lower mid-contract in an effort to preserve volume.