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London – Ocean container rates fell 3% this week to $6,430 per 40-foot container. This is the 24th consecutive weekly drop.

According to the World Container Index tracking indicator from shipping analyst Drewry, rates are down 32% over the same week in 2021. Rates are also down 38% from the peak of $10,3777 seen in September 2021.

The average composite index for the year-to-date is $8,113, which is $4,500 higher than the five-year average of $3,613.

Rates from Shanghai to Los Angeles fell 2% to $6,834. Numbers from Shanghai to New York are much higher at $9,749, though even that number is down 28% over last year.

Drewry expects the index to decrease in the next few weeks.

Robert Dalheim, senior editor of case goods and global sourcing, has been writing about the woodworking industry and business news since 2015. He is a graduate of Northern Illinois University with degrees in journalism and political science. Contact Bobby at rdalheim@furnituretoday.com or by calling (336) 605-3815.

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