June 17, 2024
Inflation looks to be easing across the developed world, except for one glaring pocket of hot prices: cargo costs on the high seas.
Spot rates for full-size shipping containers to the US and Europe from Asia rose again in the most recent data, with three key routes all topping $6,000 for a 40-foot equivalent unit, according to the Drewry World Container Index, released on Thursday. They’ve all tripled since the end of 2023, though the pace of increases is moderating.
Nearly six months of regular attacks on vessels in the Red Sea has stretched capacity in an industry responsible for moving about 80% of all international goods trade, disrupting the normal flow and leading to bottlenecks in some of Asia’s biggest ports.
