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The Dipping Cost of Shipping
A little over one year ago, congestion at America’s West Coast ports were making headlines, and the global cost of shipping containers had reached record highs.
Today, shipping costs have come back down to Earth, with some routes approaching pre-pandemic levels. The graphic above, using data from Freightos, shows just how dramatically costs have fallen in a short amount of time.
The Freightos Baltic Index (FBX)—a widely recognized benchmark for global freight rates—has fallen 80% since its peak in late 2021.
|Shipping Route||Peak Price (Last 90 days)||Recent Price||Change|
|East Asia -> North America West||$2,702||$1,323||-51%|
|North America West -> East Asia||$1,037||$805||-22%|
|East Asia -> North America East||$6,296||$2,812||-55%|
|East Asia -> North Europe||$4,853||$2,978||-39%|
|North America East -> North Europe||$850||$552||-35%|
|North Europe -> North America East||$7,102||$5,507||-22%|
Why Shipping Costs Matter
The vast majority of trade is conducted over the world’s oceans, so skyrocketing shipping costs can wreak havoc on the global (Read more...)