February 3, 2023

Maritime Today Online

latest news and events in maritime and shipping

Container freight rates up 346% in a year

Container freight rates are continuing to rise to record levels due to ongoing disruption to global supply chains.

The Drewry World Container Index (WCI) increased 4.2% over the last week to an average of $8,399.09 per feu. Meanwhile the Shanghai Containerized Freight Index (SCFI) rose 119.14 points over the last week to 3905.14.

The level of the Drewry WCI was 346% higher than the same week in 2020, and the average for WCI this year stand at $5,643 per feu, some $3,628 higher than the five-year average of $2,015 per feu.

The recent disruption at Yantian port in South China due to a COVID-19 outbreak have helped to drive already extremely high container freight rates to new record levels. While operations at Yantian International Container Terminal (YICT) have now returned to normal the impact through the container shipping supply chain will be felt for weeks if not months to come.

According to Drewry the rate on Shanghai – Rotterdam increased $228 over the last week to reach $12,203 per feu. The $12,203 per feu level is 567% higher year-on-year. On the backhaul on the transpacific Los Angeles – Shanghai soared 23% or $243 to reach $1,284 per feu.

Drewry said it expects rates to remain steady in the coming week.