{"id":13157,"date":"2024-01-05T11:30:54","date_gmt":"2024-01-05T11:30:54","guid":{"rendered":"https:\/\/ricenewstoday.com\/?p=13157"},"modified":"2024-01-05T11:32:04","modified_gmt":"2024-01-05T11:32:04","slug":"asia-europe-spot-container-rates-up-over-100-due-to-red-sea-terror","status":"publish","type":"post","link":"https:\/\/ricenewstoday.com\/dev\/asia-europe-spot-container-rates-up-over-100-due-to-red-sea-terror\/","title":{"rendered":"Asia \u2013 Europe spot container rates up over 100% due to Red Sea terror"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Spot container freight rates from Asia \u2013 Europe have more than doubled over the last two weeks as lines divert via the Cape of Good Hope to avoid attacks in the Red Sea.<\/p>\n\n\n\n

Drewry\u2019s World Container Index (WCI) reported a 61% jump for the two-week period ended 4 January 2024 to hit $2,670 per feu. The weekly index was not reported on 28 December 2023 due to the holiday season.<\/p>\n\n\n\n

The largest increases were seen on the Asia \u2013 Europe and Asia \u2013 Med trades where many container services have been diverted to sail via the Cape of Good rather the much shorter route through the Suez Canal so as to avoid the Red Sea where commercial shipping has come under attack from Yemini Houthi rebels.<\/p>\n\n\n\n

Earlier this week vessel diversions around the Cape had reached 262 ships, 3.4 million teu or 12% of the global fleet, according to analyst Linerlytica.<\/p>\n\n\n\n

For the Shanghai \u2013 Rotterdam route Drewry reported that rates had jumped 115% to $3,577 per feu compared to two weeks earlier. For Asia \u2013 Med the Shanghai \u2013 Genoa trade saw 114% increase to $4,178 per feu.<\/p>\n\n\n\n

However, even trades that do not pass through the Red Sea have reported significant increases in spot rates with Shanghai to Los Angeles rates up 30% compared to two weeks earlier at $2,762 per feu.<\/p>\n\n\n\n

The Shanghai Containerized Freight Index (SCFI) which was up 40% for the week ended 29 December 2023 showed a much smaller increase over the last week of 7.8% to hit 1,896.65 points on Friday.<\/p>\n\n\n\n

\u201cDrewry anticipates East-West spot rates to increase in the coming weeks, due to the Red Sea\/Suez situation,\u201d Drewry said.<\/p>\n\n\n\n

Copyright \u00a9 2023. All rights reserved.  Seatrade, a trading name of Informa Markets (UK) Limited.<\/p>\n\n\n\n

<\/a><\/a><\/a><\/a><\/a><\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Spot container freight rates from Asia \u2013 Europe have more than doubled over the last two weeks as lines divert via the Cape of Good Hope to avoid attacks in the Red Sea. Drewry\u2019s World Container Index (WCI) reported a 61% jump for the two-week period ended 4 January 2024 to hit $2,670 per feu. […]<\/p>\n","protected":false},"author":1,"featured_media":13158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[176],"tags":[425,46,159],"class_list":["post-13157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-red-sea","tag-asian-rice","tag-global-rice-news"],"acf":{"enable_premium_overlay":false},"yoast_head":"\nAsia \u2013 Europe spot container rates up over 100% due to Red Sea terror - Rice News Today<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asia \u2013 Europe spot container rates up over 100% due to Red Sea terror - Rice News Today\" \/>\n<meta property=\"og:description\" content=\"Spot container freight rates from Asia \u2013 Europe have more than doubled over the last two weeks as lines divert via the Cape of Good Hope to avoid attacks in the Red Sea. 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