LONDON – Spot ocean container rates actually fell this week, representing their first decline seen since they began to soar in early May.

Spot rates fell 2% this week to an average of $5,806 per 40-foot container, according to container rate tracker Drewry. That’s still a price 268% higher than the same week last year and 309% higher than the pre-pandemic 2019 average of $1,420.

This week, rates from Shanghai to Los Angeles dropped 5% to $6,934. Rates from Shanghai to New York dropped 4% to $9,213.

For reference, getting a container from Shanghai to the West Coast in March and April cost somewhere in the $3,000 range. Going from Shanghai to the East Coast cost around $3,500.Drewry believes that spot rates have peaked, but that “continued shipping disruptions will keep a floor under spot rates for some time.”

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

Several major furniture importers have added freight surcharges as a result, including Ashley Furniture, Flexsteel and Kuka Home.

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