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Shippers in distress as container trades hit hard by Red Sea disruptions

Shippers in distress as container trades hit hard by Red Sea disruptions

Posted on August 1, 2024   |  

Shippers are surprised by the serious impact of the Red Sea crisis, but there might be some improvement soon.

Ocean-shipping volatility may be easing as the difference between high and low rates in the short-term market decreases.

For the Far East to US East Coast route, the rate gap dropped from $5,450 at the end of June to $1,730 per 40ft by July 24.

This change happened because the lowest market rate increased by $5,600 to $9,100 between June 30 and July 24, while the highest spot rates grew more slowly.

Major trade routes from the Far East usually follow similar trends during big market events, though rate spreads can differ.

The rate gap from the Far East to the Mediterranean grew by $1,000 to $3,000 between the end of April and July 24.

Despite the ongoing volatility, there are signs that shipping rates might start to stabilize.



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