Container

With the conflict in the Middle East Gulf continuing, we have seen war risk premiums increase and, on the back of rising oil prices, bunker prices have tripled in some cases to what they cost a fortnight ago.

In the short to near term, we expect to see all container freight rates increasing due to increased costs. The conflict also stalls any hopes of a return to more Red Sea transits in the near future. FBX01 (China/East Asia – USA West Coast) has remained fairly flat, ending the week at $2,041, just $24 higher than last Friday. FBX03 (China/East Asia – USA East Coast) has increased by $322 from the start of the month, ending the week at $3,006. FBX11 (China/East Asia – North Europe) lost just $32 from last Friday, ending the week at $2,877, but is up $485 since the MEG conflict began. FBX13 (China/East Asia – Mediterranean) gained $346 since last Friday, ending the week at $4,063.