With shipping prices falling at record rates, the number of container ships waiting offshore at the Port of Los Angeles–Long Beach has fallen to fewer than 10 from more than 100 in January. The risk of a global recession is rising, according to analysis from experts.
According to Nomura Research Institute, in the first week of September, shipping a container from Shanghai, China, to the U.S. West Coast cost $3,959, down 23 percent from the previous week. That’s a drop of more than $1,000, the biggest since 2009.
Freight rates on the U.S.–China route are the international benchmark for the shipping industry. Prices on other routes are also falling. Freight traffic from Shanghai to Rotterdam and elsewhere in Europe have fallen 45 percent since the start of 2022….