Ocean Rates Continue to Decline but Remain High

Jerusalem, Israel, July 28, 2022-Ocean rates continue to slide, with China-U.S. West Coast dropping 15% in the last month, reports Freightos.

Despite the drop, rates are still twice the pre-pandemic norm. 

Meanwhile, congestion persists, largely due to rail hub backups creating a backlog in Los Angeles/Long Beach, and a buildup of empty containers slowing operations on the East Coast.