Typical shipping rates are 329% higher since disruption to the main Red Sea shipping route began in November, new figures show.
It now costs an average of $3,030 (£2,391) to send a container from Shanghai to Europe, up from $707 (£558) in mid-November, earlier. Yemeni Houthi fighters They began seizing and shooting at cargo ships in an attempt to block shipments to Israel in response to the bombing of Gaza.
Large container shipping Transforming fossil fuel companies In response, ships added up to 14 days to journey times and over £1 million in costs as the ships traveled a longer distance, via South Africa, to reach Europe.
This raised concerns that inflation could rise as most goods are spent Part of their supply chain Life at sea.
But published weekly data showed a slight decrease in costs on Friday compared to the previous seven days.
The most widely used measure of freight cost is the Shanghai Container Freight Index (SCFI), It's down from $3,101 (£2,447) per container on January 12to $3,030 (£2,391) on January 19, according to data provided to Sky News by global logistics company DSV.
The number of ships passing through the region has dropped by hundreds, according to Lloyd's List, the 287-year-old provider of shipping data and news to the maritime industry.
In the second week of 2024, ending January 14, 290 ships traveled through the Red Sea to reach the Suez Canal's main shipping route, down from 470 ships the week the Houthis attacked a cargo ship.
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Shipping coach on the consequences of the Red Sea
The biggest fallers by ship type were gas tankers.
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Signals sent by cargo ships in the Red Sea to deter Houthi pirates
Traffic is likely to decline further, as Qatar Energy halted Red Sea shipments this week, and reports emerged that fossil fuel giant Shell did the same.
However, costs remain below the high levels seen after the crisis Container ship ever It was blocked in the Suez Canal, halting travel and announcing the first wave of inflation.
