Shipping Container spot rates surge signaling end of 16-month slump

Shipping container spot rates have surged, marking the most significant increase in over two years and putting an end to the 16-month slump in ocean-freight costs. The Drewry World Container Index composite rose 11.8 percent to $1,761 per 40-foot container, reflecting short-term rates across key trade routes between Asia, Europe, and the US. 

Rates from Shanghai to Los Angeles jumped 11.3 percent to $2,322, while the rate from Shanghai to Rotterdam saw a 25 percent increase to $1,620, the highest since January 2021. The recent surge comes as the industry sees gradual improvements in consumer demand and inventory levels after the pandemic-induced disruptions.

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