Getting rid of the 16-month downturn, global ocean freight hit the largest increase in two years, and shipping companies increased prices again on the 15th

On August 3, the latest Deluri World Container Freight Index (WCI) rose 11.8% to $1,761 per 40-foot container, marking a fourth consecutive week of increases and the largest weekly percentage increase since June 2021. The composite index reflects short-term rates on 8 trade lanes connecting Asia, Europe and the United States. In 15 of the past 16 months to June, there have been declines.

According to Drewry, a London-based maritime research consultancy:

The cost of shipping a 40-foot container from Shanghai to Los Angeles has reached $2,322, up 11.3% from the previous week and the fifth consecutive week of increases.

The freight rate for a 40-foot container from Shanghai to Rotterdam (Northern Europe) rose 25%, or US$328, to US$1,620 per 40-foot container, the highest since January 2021.

Similarly, rates from Shanghai to Genoa (Mediterranean) and Shanghai to New York (East US) rose 9% to $2,070 and $3,330 per 40-foot container, respectively.

During the worst of the pandemic, logistics networks were jammed due to consumers buying household goods in large quantities, and freight rates soared tenfold to a record high. Since then, container shipping costs have returned to pre-pandemic levels due to excessive inventory and sluggish consumer spending.

Deluri expects East-West spot rates to be "generally stable" in the coming weeks.