Sea freight rates up more than 200 percent in 2024
(MENAFN) According to the Drewry World Container Index, ocean freight rates have surged by more than 200 percent in the first half of the year, reaching their highest levels since mid-September 2022. The cost of shipping a standard 40-foot container escalated to USD5,318 during the week ending June 27, marking an approximate 220 percent increase from the same week last year. This is a significant rise from the USD1,661 recorded during the week ending December 21, which was the last recorded date before the start of 2024.
The Drewry Composite Index itself experienced a 4 percent increase in the last week of June, showcasing a staggering 256 percent rise compared to the same period the previous year. Despite the current high of USD5,318, the index remains 49 percent below its peak during the COVID-19 pandemic when it reached USD10,377 per container in September 2021. However, it is still 274 percent higher than the pre-pandemic 2019 average of USD1,420.
Year-to-date, the composite index average stands at USD3,579 per 40-foot container, which is USD831 higher than the 10-year average of USD2,748—a figure inflated by the extraordinary shipping rates during the 2020-22 COVID period. Shipping prices vary significantly depending on the route, with costs from Shanghai to Rotterdam reaching USD7,322 per 40-foot container, and from Shanghai to Los Angeles and New York at USD6,673 and USD7,827, respectively.
MENAFN03072024000045015682ID1108402086
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.