London – Spot ocean container rates fell this week, marking their fifth consecutive weekly drop since they began to soar in early May, according to container rate tracker Drewry.
Spot rates fell 3% this week and are down 13% since the last week of July. Still, at an average of $5,181 per 40-foot container, they’re more than three times higher than the pre-pandemic average of $1,420.
Rates from Shanghai to Los Angeles fell 2% to $6,248. Rates from Shanghai to New York also fell 2% to $8,591.
Despite the threat of a major strike at East and Gulf Coast ports, Drewry expects rates to remain stable in the coming weeks. The Journal of Commerce predicted earlier this month that West Coast rates could rise to meet East Coast rates as importers will switch coasts to avoid the strike.
Learn more about the strike here.