June 06, 2024
Container rates continue to soar with shippers increasingly anxious about cargoes being rolled.
The Shanghai Containerized Freight Index (SCFI), out today, was up by another 140 points to 3184.87, its highest level since August 2022, while Drewry’s composite World Container Index, published yesterday, jumped 12% to $4,716 per feu, up 181% compared to the same week last year. The Drewry index stands at 232% more than the average 2019, pre-pandemic rates of $1,420.
“Ocean peak season’s early arrival together with Red Sea diversions straining capacity and schedules continued to result in worsening congestion, equipment shortages and elevated prices this week,” commented Judah Levine, head of research at Freightos, a box booking platform.
