Global maritime freight prices began the year 2024 with significant jumps, reaching record levels not reached since the end of November 2022, amid a series of price increases witnessed during the last quarter of last year that ended the decline witnessed in 2023.
On a weekly basis, sea freight prices, according to the Baltic Sea Freight Index, as of January 4, 2024, jumped by more than 85% compared to their levels in the week ending December 29, 2023, as the average cost of shipping a 40-foot container reached $2,490 compared to $1,341 the week. the previous.
According to the Drury Composite Index, the rise rates reached 61% on January 4 compared to their level on December 21, 2023, as the average cost of a 40-foot container rose to $2,670, compared to $1,661.
Before this weekly jump, and despite the increases witnessed in prices during the last quarter of the past year due to geopolitical events, price levels at the end of 2023 were their lowest levels at the end of 2022.
According to the Baltic Index, global sea freight prices declined by about 37.7% over the past year, as the cost of shipping a 40-foot standard container reached $1,341 in the week ending December 29, 2023, compared to $2,152 in the week ending December 30 of the previous year, 2022. This is according to the Baltic Index, which monitors global shipping rates between several main lines that pass through the Pacific and Atlantic Oceans and through the Suez Canal.
Shipping prices in the week ending January 13 during the year 2023 were at their highest levels at a cost of $2,238, while they reached their lowest level during the year 2023 in October, specifically in the week ending October 20, as the cost of shipping a container reached $1,048, and then rose again. gradually to reach its present levels.
The cost of shipping a 40-foot standard container amounted to $1,790.2 at the end of the first quarter of last year, then fell to $1,277.2 at the end of the second quarter, and to $1,176.4 at the end of the third quarter of the year.
According to the Drury Composite Index, it increased by 61% to reach $2,670 per 40-foot container in the current week compared to the previous week, and it also increased by 25% compared to the same week last year.
The index showed that the current price level of $2,670 for a 40-foot standard container is now 88% more than the average price of 2019 (pre-Corona pandemic) of $1,420.
According to the Drury Composite Index, shipping prices during the current week from Shanghai to Rotterdam increased by 115%, or the equivalent of $1,910, to $3,577 per container, followed by prices from Shanghai to Genoa, which rose by 114%, or $2,222, to $4,178 per container. Likewise Prices from Shanghai to Los Angeles rose 30%, or $626, to $2,726 per 40-foot container, and prices from Shanghai to New York rose 26%, or $784, to $3,858 per container.
Prices from Rotterdam to Shanghai jumped by 17%, or $80, to $546 per container. In the same way, prices from Rotterdam to New York rose by 2%, or $23, to $1,503 per box, while prices from Los Angeles to Shanghai and from New York to Rotterdam remained the same. Stable. Wm
2024-01-05 20:19:27
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