The crisis in the Red Sea is driving up global container prices and sea freight rates

As the situation in the Red Sea escalates, global container prices and ocean freight rates on major shipping lanes continue to rise.

While global container prices have risen 15 percent since Jan. 4, rates rose 44 percent to $3,072 per 40-foot container year-over-year, according to Drewry’s World Container Index.

These are the highest container prices since October 2022 and more than double pre-Covid levels.

“The average composite index for this year is $2,871 per 40-foot container, which is $196 lower than the ten-year average of $2,675 (which was inflated by the exceptional 2020-22 Covid period),” the market said.

First print: January 12, 2024 | 11:45 PM IST