Ocean shipping rates have plunged 60% this year
Transporting a 40-foot steel container of cargo by sea from Shanghai to Rotterdam now costs a record $10,522, a whopping 547% higher than the seasonal average over the last five years.” Between Asia and North America, Bloomberg reports that “contract rates…are coming in around $2,500 to $3,000 for a 40-foot container—25% to 50% higher than a year ago…” - from JanuaryThis seems like a non-story. Rates were insane due to Covid. Things are now normalizing. The rate is still incredibly expensive and should fall more.