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Container freight rates continue to soar

Photo: Alexander Kliem - Pixabay Alexander Kliem - Pixabay.jpg
The rise container freight rates continues unabated as the sector continues to battle a capacity crunch, port congestion and supply chain disruption.

The Drewry composite World Container index increased 4% or $344 to $9,330.28 per feu as of 29 July, compared to a week earlier. At the end of June the index stood at $8,399.09 per feu, equating to a rise of close to $1,000 per feu over the last month.

It’s a similar picture for the Shanghai Containerized Freight Index (SCFI) rose to 4,196 points on 30 July up 96.24 point from 4,100 points a week. At the end of June the index stood at 3905.14 points.

Drewry highlighted significant increases to both the US East and West Coasts from Asia. Spot freight rates from Shanghai to New York jumped 13% or $1,562 to reach $13,434 per feu, while rates on Shanghai to Los Angeles increased 6% or $550 to $10,503 per feu.

Despite rates already being an average of 368% higher than a year ago further rise are expected. “Drewry expects rates to increase further in the coming weeks,” the analyst said.

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