LONDON – Spot container rates have fallen two weeks in a row after climbing for six consecutive weeks. Spot rates fell 1.6% this week to $1,739 per 40-foot container. Last week, they fell 3.5%.

According to Drewry’s World Container Index tracking indicator, spot rates from Shanghai to Los Angeles fell 1% to $2,217. Last week, rates on the route dropped 5%. For the six weeks prior, rates had climbed 38%.

Rates from Shanghai to New York saw no change this week at $3,438 per 40-foot container. Last week, rates fell 3%. Like Shanghai to LA, rates for the six weeks prior were up some 32%.

Overall, rates are down 69.3% from the same week last year. Rates are 83% lower than the peak of $10,377 seen in Sept. 2021. They’re 35% lower than the 10-year average of $2,682, but remain 22% higher than the average 2019 pre-pandemic rates of $1,420.