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.

Source: https://www.furnituretoday.com/