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.