Caixin
Oct 15, 2022 04:39 AM
BUSINESS

Shipping Companies Cut Services as Freight Rates Plunge

The cost to ship a 40-foot container from Shanghai to the West Coast of North America dropped the most — 80% — from a February high of $8,117 to the current $2,097
The cost to ship a 40-foot container from Shanghai to the West Coast of North America dropped the most — 80% — from a February high of $8,117 to the current $2,097

International container shipping rates continue plunging amid weakening demand, prompting shipping companies to slash services.

The Shanghai Containerized Freight Index published by the Shanghai Shipping Exchange, the world’s most-used benchmark for sea freight rates, fell Friday to a reading of 1,814, down nearly 70% from the beginning of this year.

The cost to ship a 40-foot container from Shanghai to the West Coast of North America dropped the most — 80% — from a February high of $8,117 to the current $2,097. Rates from Shanghai to Europe plummeted nearly 70% from $7,797 in January to $2,581 currently.

You've accessed an article available only to subscribers
VIEW OPTIONS
Share this article
Open WeChat and scan the QR code
NEWSLETTERS
Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription
PODCAST
China Stories: The Rural Hardship Behind the Mine Murders That Shocked China
00:00
00:00/00:00