PRESS ROOM

For June 20, Drewry's World Container Index (WCI) for showed a seven percent weekly increase in its composite index to USD5,117 per feu, some 233 percent up on the same week last year, and 260 percent above average pre-pandemic rates of USD1,420 in 2019.

 

That certainly makes interesting reading for the U-Freight Group with our comprehensive network of international container shipping services, including LCL and FCL import and export operations.

 

Since late in 2023, Houthi attacks in the Red Sea have led to the diversion of ships around the longer Cape of Good Hope route between Asia and Europe, soaking up capacity with longer voyage distances and times, and leading to container rates increasing significantly.

 

There remains a structural overcapacity in the liner trades, worsened by ongoing vessels deliveries, but supply and demand remain tight due to the Red Sea situation and the market is in a precarious position.

 

Drewry said it expects freight rates from China will continue to rise this week due to congestion issues at Asian ports.

 

The longer voyage times for diverted ships have brought bunching of ship arrivals and disruption has been seen at ports at both ends of the Asia-Europe trades, as ports have struggled to process a spike in throughput.

 

U-Freight remains committed to helping clients manage the difficult situations facing container shipping at present and mitigate where possible additional costs incurred. Our ocean freight team will endeavour to keep in close contact with all clients to provide updates on specific movements.

 

For more information about our ocean freight forwarding and logistics services, please visit the relevant pages of this website, or contact your local office, which can be seen here: https://www.ufreight.com/en/location