Ocean Shipping Rates Drop More than Twenty-Five Percent
“The cost to move a container across the Pacific fell by more than one-quarter last week, the biggest decline in two years.”

Cargo ships waiting at the Port of Long Beach in California last month. The logjam of vessels outside of U.S. ports is expected to continue for months.
PHOTO: KYLE GRILLOT/BLOOMBERG NEWS

Nov. 15, 2021

  • “The cost to move a container across the Pacific fell by more than one-quarter last week, the biggest decline in two years.”

  • “The decline in ocean-freight rates coincides with the winding down of the traditional peak shipping season, which starts in August when Western importers start to load up on cargo ahead of the year-end holidays.”

  • “That easing hasn’t made its way to U.S. ports, where dozens of ships packed with everything from Christmas trees to electronics and heavy machinery are still waiting for weeks to unload at big gateways like Los Angeles and Long Beach, Calif. Shipping executives say they don’t expect the traffic to ease until February at the earliest.”

  • “The cost to move a container from China to the U.S. West Coast fell 26% last week compared with the week before to $13,295, according to the Freightos Baltic Index.”

  • “Everybody has gone bonkers to secure space on any kind of ship,” said Madalin Butoi, captain of the Hyundai Express. “It will become better, but it won’t happen this year.”

Source: Write to Costas Paris at costas.paris@wsj.com

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