The surge in spot container freight rates has flattened last week.
On July 11, Drewry's World Container Index (WCI) rose 1% from the previous week to $5,901 per container.
The Shanghai Containerized Freight Index (SCFI) fell 1% to 3,674.86 points on July 12 compared with its level on July 5.
The question now is whether the rise in spot container freight rates is just a short respite or represents a stabilization of spot container freight rates.
Analysis: Although spot container freight rates are at extremely high levels, they are still far below the highest levels during the pandemic. Drewry's WCI is about 43% lower than the peak of $10,377 per FEU in September 2021. Analysts generally believe that rates are unlikely to reach the highest levels during the COVID-19 pandemic.
The signs this week were not particularly positive, with severe storms off South Africa halting container ships sailing around the Cape of Good Hope; on July 9, the 18,000 teu CMA CGM Benjamin Franklin lost 44 containers off the South African coast.
Looking ahead, Drewry commented: “Drewry expects freight rates to remain high until the end of the peak season.”
