Asia-Europe Container Freight Rates Surpass $10,000 for the First Time Ever

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[Asia Economy Reporter Park Byung-hee] According to Bloomberg News citing statistics from shipping consulting firm Drewry, the freight rate for 40-foot containers between Asia and Europe has exceeded $10,000 for the first time ever, reported on the 27th (local time).

According to the Drewry World Container Index released that day, the freight rate for a 40-foot container from Shanghai, China to Rotterdam, Netherlands rose 3.1% compared to a week ago, reaching $10,174. Compared to a year ago, the Shanghai-Rotterdam freight rate increased by 485%.

Drewry stated that the composite freight rate for the eight major routes was $6,257, up 2% from the previous week and 293% from the previous year.

Among the eight routes, the Shanghai-Rotterdam freight rate is the highest. The Shanghai-Genoa freight rate rose 2% from the previous week to $9,662, the Rotterdam-New York freight rate increased 3% to $3,670, and the Shanghai-New York freight rate fell 3% to $7,147.

Before the COVID-19 outbreak, the Shanghai-Rotterdam freight rate, which has surpassed $10,000, remained around $1,000. However, it began to rise from the second half of last year as COVID-19 vaccines were distributed, and this year it has shown a surge. This is due to the explosive demand for container ships as cargo volume increases amid expectations of economic recovery.

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