Container Rates Soar as Red Sea Chaos Worsens Capacity Crunch
- Asia to Europe charges have increased for seven straight weeks
- Freight from Shanghai to Los Angeles also is more expensive
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Container shipping rates from Asia to Europe rose for a seventh straight week, reflecting tighter capacity as more vessels avoid the threat of attacks in the Red Sea and take the long way around southern Africa.
The spot rate for a 40-foot container going from Shanghai to Genoa, Italy, in the Mediterranean jumped by more than $1,000 to $6,282, according to the Drewry World Container Index released Thursday. Seven weeks of gains is the longest advance since the pandemic in 2021.