A new wave of increases in container freight rates has been recorded after three consecutive weeks of decline. A sharp rise in marine fuel prices has been triggered by developments in the Strait of Hormuz.
As a result of this volatile situation, transportation costs are now being passed directly on to consumers. At the same time, weak demand and excess capacity continue to exert pressure on the container shipping market.
The increase in freight rates is mainly attributed to higher charges on Asia–US and Asia–Europe routes, where the Drewry World Container Index (WCI) rose by 3% to 2,286 dollars per 40-foot container, following three consecutive weeks of declines.
Spot freight rates from Shanghai to Rotterdam increased by 2% to 2,170 dollars per 40-foot container, while rates to Genoa rose marginally by 1% to 3,075 dollars per 40-foot container. Freight rates from Shanghai to New York increased by 7% to 3,721 dollars per 40-foot container, while the Shanghai–Los Angeles route recorded a 5% increase to 3,062 dollars per 40-foot container.
Shipping lines
It is noted that liner operators began increasing container surcharges from early May, a trend followed by other carriers, as energy costs for shipping companies rose rapidly due to the crisis in the Persian Gulf and the effective disruption of the Strait of Hormuz since late February.
Source: www.naftemporiki.gr
