Late last week, it was announced that Drewry's World Container Index, a joint index calculated on the basis of current rates applicable to major trade routes, increased by 1% to $5,901 per 40ft container.
Rates from Shanghai to Rotterdam remained stable ($8,048), while costs for the Shanghai to New York trade route rose further by 3% to $9,387 per 40ft container. Despite the high rates, Drewry expects freight rates to remain high until the end of the peak season.
A container ship heading for the Port of New York. Photo: Dreamstime.
Greg Davidson, CEO of US footwear company Lalo, believes that container prices from Asia to the US will rise even more. According to him, there is a lack of transparency in container shipping prices, which could push prices up to $20,000 per container.
The current rise is largely attributed to geopolitical tensions in the Middle East, such as attacks by Houthi rebels near the Suez Canal. This has forced ships to circumnavigate around Africa, lengthening travel time and increasing costs.
Source: Investing.com
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