Technology platform provider Shifl has reported that the shipping rate for a standard 40-foot container from China to the U.S. West Coast is set to fall below the $5,000 threshold for the first time in some 20 months.
Shifl expects the September 2022 spot rate between China and Southern California will drop to $4,900 on average for a 40-foot box. This figure will represent a 72% year-over-year decline from a high of $17,500 in September 2021.
Said Shabsie Levy, CEO and Founder of Shifl, “While spot rates continue to decline, they are still more than three times higher than they were prior to the pandemic… The pace of this continued decline points to the market returning to some semblance of the new normal.”