Of even greater significance, rates from Shanghai to Los Angeles fell five per cent to US$7,952. This is the largest weekly decline since March. Last week, rates fell only three per cent.
Comparison to last year
Compared to the same week in 2021, this is actually a ten per cent drop. Compared to last year, rates were up eight per cent the previous week. Rates from Shanghai to New York fell by three per cent to 10,403 US dollars per container. Rates from Los Angeles to Shanghai were up two per cent. Drewry expects rates to fall further in the coming weeks.