Container prices plunge due to slow demand, global inflation

Source: PortCalls

February 21, 2023

• Container rates are experiencing a significant decline, with contract rates moving closer to spot rates

• The February 2023 Asia News Update released by logistics tech company ContainerxChange noted a sharp decline in container prices and leasing rates following the oversupply of containers in October 2022

• Carriers have been trying to offload their inventory in Southeast Asia, average container prices dropped by 32% year-on-year to $2,590 in January 2023

• Pickup charges have also significantly declined by 78% from $311 in December 2022 to $67 in January 2023.