Container shipping rates continue to rise

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.

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Source: Phaata.com (According to SeatradeMaritimes)

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