Space on ships is at a premium globally currently and there seems to be no relief in sight as the the Christmas peak season approaches.
Drewry released this data this week that I thought my readers would be interested in seeing the spike in container freight rates globally.
Containers are one aspect of global shipping but multi or special purpose vessel rates are now also higher than the 2008 peak which at the time we thought may never be surpassed.
The composite index increased 4% or $344 this past week, and also, remains 368% higher than a year ago.
The average composite index of the WCI, assessed by Drewry for year-to-date, is $6,090 per 40ft container, which is $3,957 higher than the five-year average of $2,133 per 40ft container.
Drewry’s composite World Container index increased by 4% or $344 to reach $9,330.28 per 40ft container, which is 368% higher than the same week in 2020. Freight rates from Shanghai to New York soared 13% or $1,562 to reach $13,434 per 40ft container, a change of 300% Y-o-Y. Spot rates on Shanghai to Los Angeles increased 6% or $550 to $10,503 for a 40ft box. Similarly, rates on Rotterdam to New York grew 5% to $5,624 per feu. Freight rates on Shanghai to Genoa and New York to Rotterdam remain stable at previous weeks level.
Spot freight rates by major route
I expect rates to keep increasing throughout 2021 as supply chains have been interrupted by the virus and with far less international flights operating traditional air cargo is now moving by sea.
All for now,
Brad Skelton
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