Shipping rates plunge as experts say ‘unprecedented’ boom has peaked


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Ocean shipping rates on major trade routes have fallen by more than half since the beginning of this year, a potential sign of easing inflation pressures and alleviated supply chain logjams. Data from Freightos shows the cost to ship a 40-feet container from China to the U.S. West Coast is around $4,300, down almost 72% from mid-January. In comparison, a container shipped from Asia to Europe costs around $7,800, 40% less than at the start of the year. The rate for both key routes still remains elevated from pre-pandemic levels. “The unprecedented pandemic-led boom in freight rates has peaked,” Jonathan...