Global shipping prices started 2024 with significant jumps to reach record levels not seen since the end of November 2022.
This was amid a series of price increases seen during the fourth quarter of last year that ended the decline seen in 2023.
On a weekly basis, global shipping prices according to the Baltic Dry Index, as of January 4, 2024, jumped by more than 85%.
This is in comparison to their levels in the week ending December 29, 2023.
However, the average cost of shipping a 40-foot container reached $2,490 compared to $1,341 the previous week.
According to the Drewry Composite Index, the percentage increases reached 61% on January 4.
Compared to its level on December 21, 2023, with the average cost of a 40-foot container rising to $2,670 compared to $1,661.
Global Shipping Prices at the End-of-2023 Were Lower than the End-of-2022 Prices.
Prior to this weekly jump, and despite the increases in prices seen during the fourth quarter of the past year due to geopolitical events, the end-of-2023 price levels were lower than the end-of-2022 levels.
According to the Baltic Dry Index, global shipping prices fell by about 37.7% in 2023.
Moreover, the cost of shipping a standard 40-foot container reached $1,341 in the week ending December 29, 2023.
Compared to $2,152 in the week ending December 30 of the previous year 2022.
These details are according to the Baltic Dry Index.
Which tracks global shipping prices between many of the main routes that pass through the Pacific Ocean, the Atlantic Ocean, and through the Suez Canal.
Shipping prices were at their highest levels in the week ending January 13 during 2023, at a cost of $2,238.
While they reached their lowest level during 2023 in October.
Specifically in the week ending October 20, when the cost of shipping a container reached $1,048, and then gradually rose to reach their current levels.
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The Current Price Level for a Standard 40-ft Container is Now 88% Higher than the Average Prices of 2019.
The cost of shipping a standard 40-foot container reached $1,790.2 at the end of the first quarter of last year.
Then fell to $1,277.2 at the end of the 2nd quarter, and to $1,176.4 at the end of the 3rd quarter of 2023.
As for the Drewry Composite Index, it rose by 61% to reach $2,670 per 40-foot container in the current week.
Compared to the previous week, and also increased by 25% compared to the same week of last year.
A standard 40-foot container shipping rate is now 88% higher than the average prices of 2019 (before the COVID-19 pandemic).
According to the Drewry Composite Index, shipping prices rose during the current week from Shanghai to Rotterdam by 115%.
Followed by prices from Shanghai to Genoa, which rose by 114% or $2,222 to $4,178 per container.
Similarly, prices from Shanghai to Los Angeles rose by 30% or $626 to $2,726 per 40-foot container.
And also prices from Shanghai to New York rose by 26% or $784 to reach $3,858 per container.
Prices from Rotterdam to Shanghai jumped by 17% or $80 to $546 per container.
In the same way prices from Rotterdam to New York rose by 2% or $23 to $1,503 per box.
While prices from Los Angeles to Shanghai and from New York to Rotterdam remained stable
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