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Box shipping rates surge to 4 times pre-pandemic levels

Box shipping rates surge to 4 times pre-pandemic levels

Posted on July 5, 2024   |  

Container freight rates are rising, with Q3 expected to be highly profitable, and July rate increases already in effect.

Drewry's global index rose 10% to $5,868 per FEU, 43% below the pandemic peak but 313% higher than the 2019 average of $1,420.

The Shanghai Containerized Freight Index climbed 19.48 points to 3733.8, its highest since August 2022.

Asia-US shipping costs are nearing 2021/2022 highs, while other routes are still below peak levels.

Shipping a container of Weber gas grills from China to the US now costs $30 per grill, up from $5.60 last year and less than $5.30 in June 2019.

Despite a drop from pandemic peaks, current spot rates remain much higher than pre-pandemic levels.

The container shipping market shows strong profitability and high rates, especially for key routes like Asia to the US.