The Red Sea crisis continues unabated, leading to an increase in the number of container ships opting for the Cape of Good Hope route. Consequently, container transport rates are soaring, with double-digit percentage increases. The Drewry Container Index, a key indicator in this sector, reported on January 11, 2024, a 15% average global increase in spot freight rates compared to the previous week. However, a closer look at the routes between China and Europe reveals an even higher rate.
Drewry's assessment for a 40-foot container from Shanghai to Genoa exceeds $5,000 (with a weekly increase of 25%), placing it at the top among the values shown by Drewry. The freight from Shanghai to Rotterdam saw a smaller increase (19%) and a lower value: $4,406. However, it has more than doubled (+133%) over a year. The steep rise in prices, caused by the Red Sea crisis, is evident from the stable transatlantic freight rates: Rotterdam-New York at $1,513 per feu and New York-Rotterdam at $599, both with a one percent increase.
Container rates between China and the United States are increasing at a greater rate: Shanghai-New York +8% to $4,170 and Shanghai-Los Angeles +2% to $2,790. The only negative trend is the freight from Los Angeles to Shanghai, which decreased by one percent to $766.
