Global shipping costs have surged significantly, with the WCI Shanghai to Rotterdam route doubling over the past nine weeks and increasing fourfold this year. The Drewry composite index rose 6.6% this week to $5,117 per 40ft container, marking a year-over-year increase of 233% and reaching the highest level since August 2022. The Shanghai Containerized Freight Index (SCFI) increased by 2.86% week-on-week to 3,475.60, the highest since August 2022. The spot rate for shipping goods in containers to Europe from Asia has risen for nine consecutive weeks, the longest stretch since the pandemic disrupted global supply chains in 2021. Additionally, LR2 AG freight rates have maintained levels around WS200 for the past two weeks, reflecting a 70% increase compared to the same week last year. Despite the strong gains, the ocean container shipping market remains extremely challenging. Top VIE-covered gainers included $KNOP +12%, $ZIM +6%, $ESEA +3%, and $GOGL +3%, while $TNP fell by 5% after earnings.
Ocean and airfreight rate differential narrows #logistics #aircargo https://t.co/RdT7goYC20
The spot rate for shipping goods in containers to Europe from Asia rose for a ninth straight week, the longest stretch of rising prices since the pandemic disrupted global supply chains in 2021 https://t.co/2Wga84PMh8
Container rate surge enters longest stretch since the pandemic https://t.co/T0ATOV4Pbk via @b_muzz
The spot rate for shipping goods in containers to Europe from Asia rose for a ninth straight week, the longest stretch of rising prices since the pandemic disrupted global supply chains in 2021 https://t.co/0lZYtzrcxy via @economics https://t.co/OPBZu96EjG
Dry Bulk equities mixed and looking for direction. $SBLK was strong yesterday β¦ and giving it up today. $NMM $SBLK $BDRY $HSHP $GRIN $GOGL $GNK $PANL $SB $SHIP https://t.co/tbIG1LExy1
Baltic Dry Index: 1997 (+13) Capesize index: 26,059 (+526) Panamax (P5) index: 16,441 (-358) Supramax index: 15,382 (+104) FFAs flat Equities quiet pre market. $NMM $SBLK $BDRY $HSHP $GRIN $GOGL $GNK $PANL $SB $SHIP
β οΈπ’Shanghai Containerized Freight Index (#SCFI) jumped 96.38 to 3475.6, marking the highest since August 2022. Rates for major long-haul routes continue to rise. #MM https://t.co/iAuES4AtXC
Shanghai Containerized Freight Index rose 2.86% w/w to 3,475.60. $SCFI #Shipping #China https://t.co/pjG1F5FjvU
An eight-week rally in global #container #freight rates picked up pace again this week with the Drewry composite showing a 6.6% rise to USD 5117 per 40ft box, a YoY increase of 233% and highest level since August 2022. Driven by strong gains on all the major China to US and EU⦠https://t.co/NeVKrXsaMX
An eight-week rally in global #container #freight rates picked up pace again this week with the Drewry composite showing a 6.6% rise to $5117 pr 40ft box, a YoY increase of 233% and highest level since August 2022. Driven by strong gains on all the major China to US and EU routes⦠https://t.co/yW6dyPBbiN
βLR2 AG freight rates have maintained levels around WS200 for the past two weeks, which reflects a 70% increase compared to the same week last year.β https://t.co/wqPknvkjRN
Spot rate growth slows but ocean container shipping market will remain extremely challenging #logistics #shipping #freight https://t.co/Rxlsowd57x
Coal carrier was sunk in the Red Sea, containership and dry bulk rates rising faster than many expected... US West Coast port contract expires at the end of September, right before elections Could see some resurgence in goods inflation going into elections
Strong U.S. open for Shipping. Top VIE-covered gainers: $KNOP +12% $ZIM +6% $ESEA +3% $GOGL +3%. $TNP weak after earnings at -5%.
Drewry up 7% for the week to $5,117. π₯π₯. $ZIM $HLAG $MAERSK https://t.co/XFWa8LAe3a
Shipping costs continue to spike. The WCI Shanghai to Rotterdam route has doubled over the past 9 weeks and is up 4x this year. Inflation is not dead, inflation volatility is here to stay. https://t.co/LkiA12W8Xc