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Date: 08/11/2024

Ocean freight rates up across major container trading routes

Ocean freight rates across major container trading routes rose for the first time since July as the movement of goods surged ahead of the Christmas and New Year season. The Drewry World Container Index — a global benchmark measuring weekly ocean freight rates across eight major east-west routes — rose 4% from the previous week to $3,213 for a 40-foot container. According to Drewry, freight rates from China to Europe increased by 8 to 11% between October 24 and 31. Freight rates from Shanghai to Genoa rose to $3,213 per container. However, Shanghai-Los Angeles freight rates increased only 1% week-on-week. After major disruptions due to geopolitical tensions in West Asia, container rates had been in freefall since July, dropping from nearly $6,000 per 40-foot container to $3,095 in late October, as per a report.
 
source: Exim News Service: London, Nov. 7 



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