Synopsis
While demand from American consumers and companies is one reason for the rate spike, a shortage of containers remains another reason for the tight market.
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The average wait for berth space was 5.3 days, compared with 4.6 in early June, according to the L.A. port. That number peaked around 8 days in April.
The cost to ship a boxload of goods to the U.S. from China edged close to $10,000 as the world’s biggest economy keeps vacuuming up imports amid slower recoveries from the pandemic from Europe to Asia.
The spot rate for a 40-foot
container from Shanghai to Los Angeles increased to $9,631, up 5% from the previous week and 229% higher than a year ago, according to the Drewry World Container Index published Thursday. A composite index, reflecting eight major trade routes, rose to $8,796, a 333% surge from a year ago. Drewry said it expects rates to increase further in the coming week.
Rising shipping costs leading to a large increase in prices, delays on many toys
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2021 Container Rates Surge 333% From One Year Ago
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