Global container shipping spot rates have risen to their highest level in the past year and a half. According to the World Container Index from the analytics firm Drewry, the composite index rose by 12% in the week ending June 18, reaching $3,969 per 40-foot container. Increases were recorded on key Trans-Pacific and Asia-Europe routes.
A particularly notable rise in rates was observed on routes importing goods from China to Europe. For instance, the cost of shipping from Shanghai to Rotterdam increased by 15% to $4,342 per container, while the rate for the Shanghai-Genoa route rose by 12% to $5,756. Drewry attributes this surge to strong peak-season demand and a rush to ship goods ahead of the bunker fuel surcharge adjustments expected on July 1, a move that allowed carriers to implement additional surcharges.
Analysts also note that a temporary agreement between the US and Iran has improved sentiment in the global shipping market by reducing the risk of potential disruptions in the Strait of Hormuz. However, the company emphasizes that uncertainty regarding the future implementation of the agreement remains. Drewry forecasts that container rates will continue to rise in the coming weeks.