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Mar 27, 2023

Supply Chain Latest: Ocean Freight Rates Are Falling

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Long-term ocean freight rates between China and the US West Coast are higher than spot prices for the first time since April 2020.

The average price for long-term contracts — on shipments moving in about three months or more — was 2.7% higher on average than the cost for short-term movement on transpacific routes as of Tuesday, according to freight market-analytics firm Xeneta.