Red Sea crisis pumps up global container prices, ocean freight rates

At $3,072, prices per 40-foot container highest in 15 months

As the situation in the Red Sea escalates, global container prices and ocean freight rates on major shipping routes continue to rise. 

While global container prices went up by 15 per cent since January 4, the rates rose 44 per cent to $3,072 per 40-foot container year-on-year, according to Drewry’s World Container Index. 

This is the highest container prices since October 2022 and more than double the pre-Covid levels.

“The average composite index for the year-to-date is $2,871 per 40-foot container, which is $196 lower than the 10-year average rate of $2,675 (which was inflated by the exceptional 2020-22 Covid period),” the market