Surging Container Freight Rates Impacting Global Trade in Mid-2024

Drewry, an independent maritime research center, reported that container shipping service prices sharply rose again in early May-24. In Jul-24, the average rate is 17% higher than in Jan-24. Notably, rates from Asia to Europe and the United States (US) have significantly increased. Since Apr-24, sea freight rates from ports in Ho Chi Minh City to these destinations have soared by up to 300%, climbing from USD 2,950 to USD 7,350 per 40-foot container, with ongoing upward trends. By Jul-24, enterprises shipping containers to Europe and the US are facing an additional cost of USD 5,000 per container due to selling goods on a Cost, insurance, and freight (CIF) basis.