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Drewry's Intra-Asia Container Index (IACI) recorded a 6% increase this week, standing at USD 1,402 per 40-foot container and breaking its all-time high for the fourth consecutive week.
This increase is reportedly driven by geopolitical conflicts, rising fuel prices, and climatic disruptions that restrict global transport capacity.
Spot rates from China to Southeast and South Asia showed significant increases due to a surge in demand prior to China's Golden Week holiday.
Freights from Shanghai to Laem Chabang and Ho Chi Minh increased by 15%, reaching USD 1,324 and USD 1,161 per 40-foot container, respectively.
In parallel, routes between Shanghai and Jebel Ali rose by 13% to USD 8,509 per container, reflecting the deteriorating operational situation in the Middle East.
Congestion in major Chinese ports worsened due to storms, increasing vessel waiting times in Shanghai to 78 hours and in Ningbo to 77 hours.
To mitigate regional delays, the trial of the new Pinglu Canal successfully reduced river-sea transit time from two days to just two hours between China and Southeast Asia.
Meanwhile, shipping company CMA CGM restructured its CIMEX1 and CIMEX3 services to optimize connections between China, Singapore, and the Middle East.
Geopolitical tensions intensified after the advance of Houthi forces and the capture of islands near the Bab el-Mandeb strait, raising security risks for navigation in the Red Sea.
This instability, coupled with a 60% year-on-year increase in maritime fuel costs in Singapore, led shipping company Ocean Network Express (ONE) to increase its emergency fuel surcharge from USD 38 to USD 60 per container starting September 16. Freight rates are expected to stabilize in the coming weeks.
