London – Container prices fell 0.6% this week, a bigger increase than the consecutive 0.1% drops seen the past two weeks.

The World Container Index tracking indicator from shipping analytics watchdog Drewry indicates rates fell to $7,578 per 40-foot container, still 13% higher than the same week in 2021. The index’s average for year-to-date is $8,569, which is $5,146 higher than the five-year average of $3,423.

Freight rates from Shanghai to Los Angeles and Shanghai to New York dropped 1% each to $8,613 and $10,722 respectively. Rates on both routes are up some 45% over the same week in 2021.

Drewry expects rates to keep decreasing at a slow pace over the coming weeks. It believes that demand isn’t the main indicator of freight rates, but rather the specific policies enacted by the carrier industry in response to demand shocks.

Robert Dalheim, senior editor of case goods and global sourcing, has been writing about the woodworking industry and business news since 2015. He is a graduate of Northern Illinois University with degrees in journalism and political science. Contact Bobby at rdalheim@furnituretoday.com or by calling (336) 605-3815.

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