Drewry's World Container Index hit a record $10,377 per 40-foot container in September 2021, fell to $1,342 by October 2023, rose to $5,937 in July 2024 during…
Shoppers stuck at home bought electronics and furniture. Imports surged faster than ships, ports and containers could cope.
No, but six days with the canal blocked held up hundreds of ships in a market already short of capacity.
Drewry's index hit $10,377 per 40-ft box, more than seven times the 2019 average of $1,420.
Spending shifted back to services, retailers were overstocked and port queues cleared.
The index fell to $1,342, its lowest in three years and below the pre-pandemic average.
Houthi attacks pushed ships round the Cape, adding 7-10 days per Asia-Europe voyage and tying up capacity.
The index reached $5,937, four times the 2019 average, as peak-season cargo shipped early.
A 90-day US-China tariff truce from 12 May set off a rush to ship before the window closed.
New ships ordered in the boom kept arriving while demand stayed soft.
Strikes on Iran disrupted Hormuz and pushed up fuel costs. Carriers added emergency surcharges.
The highest since September 2024, more than double the early-March level.
Asia-Europe rates fell as ships returned to Suez; US East Coast rates hit new highs.
Shanghai-Rotterdam $3,337, Shanghai-Los Angeles $7,624, Shanghai-New York $10,220.
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