Container shipping rates continue to rise
Container freight rates continue to soar as the sector continues to face capacity declines, port congestion and supply chain disruptions.
Container freight rates continue to soar (Photo: Phaata)
Drewry's World Container Index showed a 4% increase or $344 to $9,330.28 per FEU (40-foot container unit) on July 29, compared with a week before. At the end of June, the index stood at 8,399.09 USD/FEU, equivalent to an increase of nearly 1,000 USD/FEU compared to the previous month.
A similar picture for the Shanghai Container Freight Index (SCFI) rose to 4,196 points on July 30, up 96.24 points from 4,100 in a week. At the end of June, the index stood at 3905.14 points.
Drewry said freight rates are particularly strong on the Asia-Pacific route to both the East and West coasts of the US. Short-term freight rates from Shanghai to New York increased 13% or $1,562 at $13,434/FEU, while rates from Shanghai to Los Angeles increased 6%, or $550, to $10,503/FEU.
Although rates are already 368% higher than a year ago on average, they are forecast to continue to rise. “Drewry expects rates to increase further in the coming weeks,” the analyst said.
Read more:
- When will supply chain disruptions and exorbitant freight rates end
- Container freight rates increased by 346% within a year
Source: Phaata.com (According to SeatradeMaritimes)
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