Ocean freight rates reach record highs due to Red Sea crisis, increased demand, and short supply, causing Drewry index to double year-on-year.

Ocean freight rates hit record highs amidst Red Sea crisis due to increased container demand and short supply, causing the Drewry index to double year-on-year. Container prices in Singapore have surged 26% from October 2023 to May 2024, reaching US$1,211 for a 20ft container, and contributing to elevated leasing rates on key routes. This congestion is expected to continue well into June, with off-schedule arrivals causing berthing delays of up to two to three days.