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Levels not seen since Covid-19 and Red Sea crisis

Container shipping rates reach peak

The container shipping market is set to surpass the peak witnessed during the Red Sea crisis, reaching levels that have not been hit since the Covid-19 pandemic. The peak is set to hit the market in June according to recent data provided by Xeneta.

From the Far East to the US West Coast, average spot rates are expected to surpass the Red Sea crisis peak, marking a 57% increase since May and the highest rates seen in 640 days. From the Far East to the US East Coast, spot rates are projected to nearly match the Red Sea crisis peak, rising by 50% since April 29th. Similar trends are seen in the Far East to North Europe and Far East to Mediterranean trade routes, with spot rates expected to exceed previous peaks, indicating a significant increase in rates during May.


The recent surge in ocean freight container spot rates can be attributed to various factors, including ongoing conflicts in the Red Sea, port congestion, and importers opting to frontload imports ahead of the traditional peak season in Q3.


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