Global container shipping rates continued to slide this week, as shipping analytics firm Drewry’s World Container Index reported Thursday that its World Container Index fell 5% this week to $2,672 per 40-foot container, marking a fourth straight week of declines.
Spot rates from Shanghai to Los Angeles dropped 8% to $2,931, while rates to New York fell 5% to $4,839.
Analysts attributed the decline to weak demand following a temporary surge in imports after earlier tariff suspensions. Drewry expects rates to continue slipping as excess capacity persists, but notes the potential for major volatility depending on the outcome of the ongoing trade tensions.