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Supply Chain Graphic of the Week: The Incredible Rise and Collapse of Ocean Container Shipping Rates



Spot and Contract Rates May have Finally Hit Bottom

Feb. 16, 2023


Has the trasportaton industry ever seen anything like the market for ocean container shipping in the past two-plus years?


As seen in the graphic below, container shipping cost took off in mid-2020, reaching almost $9000 to ship a container from China to the US Wet Coast in the spot market in late 2021, and almost as high for contract rates.


Profits for carriers soared accodingly.



Source: Wall Street Journal


But from those peaks came a collapse, with spot rates right now down to  barely over $1000, with contract rates just under $3000.




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