Ocean freight rates rise for 1st time since July

Drewry World Container Index up 4% ahead of Christmas, New Year rush

- DHRUVAKSH SAHA

Ocean freight rates across major container trading routes rose for the first time since July as the movement of goods surged ahead of the Christmas and New Year season, data shows.

The Drewry World Container Index—a global benchmark measuring weekly ocean freight rates across eight major east-west routes—rose 4 percent from the previous week to $3,213 for a 40-foot container (40-foot equivalent unit).

According to Drewry, freight rates from China to Europe increased by 8 to 11 percent between October 24 and 31. Freight rates from Shanghai to Genoa rose to $3,213 per container, while rates to Rotterdam increased to $3,396 per container.