Drewry’s World Container Index increased 15 percent to $3,072 per 40ft container this week.

The index has increased by 44 percent when compared with the same week last year, and is the highest since October 2022 and is 116 percent more than average 2019 (pre-pandemic) rates of $1,420, according to the latest update.

"The average composite index for the year-to-date is $2,871 per 40ft container, which is $196 lower than the 10-year average rate of $2,675 (which was inflated by the exceptional 2020-22 Covid period)."

Freight rates on Shanghai to Genoa increased by 25 percent to $5,213 per FEU, the update added. "Rates on Shanghai to Rotterdam rose by 23 percent to $4,406 per 40ft box. Likewise, rates on Rotterdam to Shanghai elevated by 19 percent to $652 per 40ft container. Similarly, rates on Shanghai to New York increased by eight percent to $4,170 per FEU.

Drewry anticipates East-West spot rates to increase in the coming weeks due to the Red Sea/Suez situation.

Spot rates from Asia to Europe are now up slightly more than 200 percent compared to before the Red Sea Crisis, writes Lars Jensen in his latest LinkedIn update.

"Keep the context in mind also that the current $4,400/FFE should be compared to $14,800/FFE during the pandemic disruptions. And also the current $5,200/FFE from Asia to Med is in relation to $13,800 during the pandemic."

Vessel boarded
In the latest attack, as reported by the United Kingdom Maritime Trade Organisation (UKMTO), a vessel was boarded 4-5 unauthorised persons in an area 50 nm East of Sohar, Oman. "Unauthorised boarders are reported to be wearing military style black uniforms with black masks. Authorities are investigating."

Yemen-based and Iran-backed Houthis launched their biggest attack on the Red Sea earlier this week with 18 one-way attack UAVs (OWA UAVs), two anti-ship cruise missiles and an anti-ship ballistic missile aimed at container ships in the area.

All of them were shot down by a combined effort of F/A-18s from USS Dwight D. Eisenhower, USS Gravely, USS Laboon USS Mason, and the United Kingdom’s HMS Diamond, according to the U.S. Central Command. "This is the 26th Houthi attack on commercial shipping lanes in the Red Sea since November 19. There were no injuries or damage reported."

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