It’s time to close the chapter on sky-high shipping rates

Trade & Border IssuesHot SpotsSalesMoney Matters
Written By Jennifer Joslyn

🚢 They’ve had their heyday, but it’s time to close the chapter on sky-high shipping rates.

The steep decline of ocean container shipping rates has escalated over the past week, dropping 20% from the week previous. The spot rate to ship a 40-foot container across the Pacific Ocean from China to the United States West Coast is now $2,361. Approximately one year ago, the premium rate for the same move was about $20,000. Much like lifeboats on the Titanic, ships are departing ports in Asia only half-full, and carriers are likely to cancel even more voyages.

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Jennifer Joslyn
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