Global container freight rates have climbed to their highest level in 18 months, while most containerships continue to bypass the Red Sea and use the longer Cape of Good Hope route despite a gradual recovery in Suez Canal traffic.
According to Drewry's latest World Container Index (WCI), the composite index increased by 12% week on week to $3 969 per 40-foot container (FEU), reaching its highest level since late 2024.
The increase comes as carriers continue to contend with longer voyage times on many Asia-Europe services. Drewry's Red Sea Diversion Tracker shows that 181 containerships used the Cape of Good Hope route during the week ending June 14, compared with just 28 vessels transiting the Suez Canal.
While Suez traffic has recovered gradually since the start of the year, the figures indicate that most operators continue to avoid the Red Sea. Drewry recorded only 10 containership transits through the canal during the first week of January, rising to 26 by mid-January and 28 during the latest reporting week.
The tracker shows that CMA CGM operated eight vessels through the canal during the week ending June 14, while Maersk transited three vessels and MSC one vessel through Suez.
Many operators continue to favour the Cape route because of ongoing security concerns, operational uncertainty and the need to maintain schedule reliability, Drewry says.
The continued use of the Cape route has coincided with rising freight rates on key east-west trades. According to Drewry, rates from Shanghai to Rotterdam increased by 15% during the week, while rates from Shanghai to Genoa rose by 12%.
Drewry said stronger demand, tighter capacity and carrier surcharges continued to support higher freight rates and expects prices to remain firm in the coming weeks.
