China-U.S. container shipping prices surge
Container shipping rates from China to the United States reached new highs above $20,000 per 40-foot box. The rise was owed to the growing retailer orders, which adds pressure to the global supply chain before the peak of the U.S. shopping season.
The spot price per container on the China-U.S. East coast route jumped over 500% from a year ago to $20,804 this week. This was a sharp increase from July 27’s under $11,000.
China to the U.S. West coast amounts to a little lower than $20,000, while the latest China-Europe charge is nearly $14,000.
Shipping companies are now forced to prioritize service on the most profitable routes.
Meanwhile, global container turnaround rates also slowed to around 7-8 days due to a surge in the COVID-19 Delta variant infections in some countries.
Typhoons in China’s Southern coast in late July and this week also disrupted the world’s most important method in transporting products.