Global shipping rates rebound, ending 16 months of decline

Posted on August 18, 2023   |  

Shipping container spot rates experienced a significant surge, marking an end to 16 months of cost decline in ocean freight.

Drewry World Container Index composite, tracking rates on vital trade routes, jumped by 11.8% to $1,761 for a 40-foot container.

Costs for shipping from Shanghai to Los Angeles grew by 11.3% to $2,322 per 40-foot container unit.

Shanghai to Rotterdam route witnessed an impressive 25% increase, reaching $1,620, the highest level since January 2021.