Ocean Shipping Rates Fall but Ports Are Still Jammed
Cost to ship a container across the Pacific declined by more than one-quarter last week, signaling demand is finally easing
By Costas Paris, The Wall Street Journal
Nov. 15, 2021
The cost to move a container across the Pacific fell by more than one-quarter last week, the biggest decline in two years. The decline signals that the huge demand for Asian exports is easing, though shipping executives say it will be months before the logjam of ships outside of U.S. ports clears up.
The decline in ocean-freight rates coincides with the winding down of the traditional peak shipping season, which starts in August when Western importers start to load up on cargo ahead of the year-end holidays. With most products at least on their way, space is gradually opening up on the front end of the trip, leading to lower prices...
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