Transpacific rates for shipping containers continue to plummet – dropping below $4,000/FEU (40-foot equivalent unit) – as consumer demand for goods begins to wane.
Amid persistent inflation and moves by the US Federal Reserve to stem rising costs through interest rate hikes, the National Retail Federation (NRF) expects containerized imports at the nation’s major container ports to come in below last year’s levels for the rest of 2022.
“Consumers are still buying, but the cargo surge we saw during the past two years appears to be slowing down,” Jonathan Gold, NRF vice president for supply chain and customs policy, said.
Rates from east Asia and China to the US West Coast are 80% lower than at the same time last year, according to online freight shipping marketplace and platform provider Freightos.
Source: Hellenic Shipping News