According to data from Freightos Baltic Index (FBX), global freight rates have continued to rise, reaching up to 10,380 USD/FTU at the beginning of August since Jan 2021. Among the main routes, which are Pacific, Suez, and Atlantic, the Pacific route takes first place for freight rates with a stunning rate of 17,584 USD/FEU from China/East Asia to North America East Coast. The freight price from China/East Asia to Northern Europe has seen the highest increased rate, 735%, compared to the previous year.
For the Pacific routes, China/East Asia to both West and East Coast of North America broke through 10,000 USD/FEU, and later hit a record high of 20,636 USD/FEU on Aug. 6, 2021, which may be a result of severe port congestions and a new series of shut-down policies.
For the Suez routes, one of the busiest trade channels in the world, the container shipping price is not as high as the ones in Pacific routes, while the increasing rate in price reached an astonishing 735% YoY from China/East Asia to North Europe.
Regarding Trans-Atlantic trade, the freight rates are much more moderate than the top two routes. It’s also worth noting that the North America East Coast to North Europe route remains under 1,000 USD/FEU, the lowest among the three main routes with a relatively low YoY.