Ole S Hansen

Biggest ever one-week drop in cost of shipping a container from Shanghai to New York. Since hitting a July peak below $6000 pr 40ft box, the Drewy global #container #shipping index has seen a sharp reversal, slumping 13% this past week alone to $4168, slowing the YTD advance to 36% while the YOY remains elevated at 167%. The latest weakness driven by steep declines on the Shanghai to Rotterdam (-17%) and NY (-21%) routes, the latter being the largest one-week drop on record.