SPOT container freight rates from Asia to Europe have more than doubled over recent weeks as lines divert via the Cape of Good Hope to avoid attacks in the Red Sea, reports UK's Seatrade Maritime News.
Drewry's World Container Index (WCI) reported a 61 per cent jump for the two-week period ended January 4, 2024, to hit US$2,670 per FEU. The weekly index was not reported on December 28, 2023, due to the holiday season.
The largest increases were seen on the Asia-Europe and Asia-Med trades where many container services have been diverted to sail via the Cape of Good rather the much shorter route through the Suez Canal so as to avoid the Red Sea where commercial shipping has come under attack from Yemini Houthi rebels.
Early last week vessel diversions around the Cape had reached 262 ships, 3.4 million TEU or 12 per cent of the global fleet, according to analyst Linerlytica.
For the Shanghai-Rotterdam route Drewry reported that rates had jumped 115 per cent to $3,577 per FEU compared to two weeks earlier. For Asia-Med the Shanghai-Genoa trade saw 114 per cent increase to $4,178 per FEU.
However, even trades that do not pass through the Red Sea have reported significant increases in spot rates with Shanghai to Los Angeles rates up 30 per cent compared to two weeks earlier at $2,762 per FEU.
"Drewry anticipates East-West spot rates to increase in the coming weeks, due to the Red Sea/Suez situation," Drewry said.
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