Container Rates Sink to Lowest Since Start of Red Sea Diversions

The cost to ship goods in containers to northern Europe from China fell to the lowest level since Houthi attacks in the Red Sea started diverting most of the world’s maritime fleet around southern Africa almost two years ago.

According to the Drewry World Container Index posted Thursday, the spot rate for a 40-foot container to Rotterdam from Shanghai slumped to $1,735 over the past week, the lowest level since mid-December 2023. That’s when carriers including MSC Mediterranean Shipping Co. and A.P. Moller-Maersk A/S began sailing en masse around the Cape of Good Hope to avoid missiles and drones from Yemen-based fighters protesting Israel’s war in Gaza.