Spot container rates soar as Red Sea situation worsens

In Drewry’s first container spot rate details of the year, the first publication of the World Container Index since December 21st, its global composite index was up by more than $1,000 over the fortnight. It reached $2,669.91 per feu, while rates from Shanghai to Rotterdam have more than doubled, up 115%, to $3,577 per feu.

The Shanghai Containerized Freight Index (SCFI) rose by 40% last week, an unusually steep rise.

The high rates were expected to hold through at least January and February, as capacity would be tight in the next six weeks – notwithstanding the recent soft market in container rates.

“12% of global containership capacity is currently diverted to the Cape route and their numbers will continue to rise,” Linerlytica said in a recent report.