40-foot container shipping costs from Shanghai to New York surge to $10,000 due to Suez Canal route avoidance and pandemic impact.
US importers face $10,000 shipping costs for standard 40-foot containers from Shanghai to New York, causing frustration and concerns the market may be in a bubble. Drewry World Container Index's spot rate for such a shipment hit $9,387 on July 11, over double the rate from February but below the peak of $16,000 in early pandemic. Yemen's Houthi rebels' missile and drone attacks force ships to avoid the Suez Canal, leading to longer routes and increased shipping costs.
July 15, 2024
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