Container shipping rates continue to soar amid persistent port congestion and supply chain disruptions. The Drewry World Container Index shows spot rates for 40-foot containers on key routes to the US and Europe have tripled since the end of 2023, now exceeding $6,000.

Port congestion, worsened by ongoing attacks on vessels in the Red Sea, is a major factor. This has led to delays in major Asian ports, including Singapore and several in China. The wait times for berth space range from one to five days.

Strong demand for goods, particularly in the US, keeps import levels high. The Port of Los Angeles remains above pre-pandemic peaks for the first five months of 2024.

Recent price increases include:
- Shanghai to Los Angeles: up 0.8% to $6,025.
- Shanghai to Rotterdam: up 2.4% to $6,177.
- Shanghai to Genoa: up 3% to $6,862.

Drewry expects these rates to keep rising due to ongoing congestion issues at Asian ports. 

Stay tuned for more updates on global trade and shipping.