Container shipping rates are up 5% on last week, averaging $2,279 /FEU. This marks the fourth consecutive weekly increase in spot rates.
Rates on Asia-Europe routes are also rising, with a 12% increase on the Shanghai–Genoa one (to $3,473/FEUs) and a 3% increase on the Shanghai–Rotterdam one, to $2,552/FEUs.
The Trans-Pacific trade has also followed the upward trend. On routes between Shanghai and New York, freight rates have risen by 3%, settling at around $3,393/FEUs, whilst on the Shanghai–Los Angeles route they are up 4% to $2,686 per FEUs.
Drewry expects further increases over the next few weeks due to the uncertainty surrounding the escalation of the conflict between the US-Israel coalition and Iran.
The continuing disruptions in the Strait of Hormuz, a key route for almost 20% of the world’s oil, have reduced the availability of vessel fuel and driven up prices. In Asia, fuel stocks at crucial hubs such as Singapore and China are beginning to run low, prompting carriers to adopt operational measures such as slow steaming, alternative bunkering strategies and emergency surcharges to manage costs. According to the consultancy firm these measures are expected to keep freight rates high in the short term.
Translation by Giles Foster
