Container freight rates stabilise after 22 weeks of increases

 In News

According to data from Drewry’s World Container Index (WCI), container freight rates are remaining steady at $10,377.19 per forty foot equivalent unit (feu), the same level as the week before.

However, due to the rising costs of shipping containers over a period of one year brought on by the Covid-19 pandemic lockdowns disrupting business economies and bringing about port congestion paired with the high spending for goods from China, the stabilised prices are still up by 299% year-on-year.

According to Drewry’s, “this comes following the announcement by CMA-CGM and Hapag-Lloyd to put a halt in increment of spot rates as container prices on most trade lanes are at record highs.”

“Looking ahead, we expect rates to remain steady in the coming weeks,” Drewry’s commented.

In February of this year, the freight rates have skyrocketed to a historic level of between US$6,000 and US$10,000 per container compared to US$55 to US$300 per container before the pandemic.

To date, for Shanghai to Los Angeles, the rates have remained flat at $12,424 per feu, while Shanghai to Rotterdam saw a marginal $62 increase to $14,356 per feu.

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