Red Sea crisis continues to push ocean freight rates up

As the conflict in the Red Sea continues, container freight rates continue to rise, with ocean container freight rates rising by an average of 23% to US$3,777. According to data from maritime consulting firm Drewry's, current freight rates are up 82% from the same period last year. At the same time, freight rates from Shanghai to the United States have increased significantly. Ocean freight rates from Shanghai to Los Angeles increased by 38% to US$3,860, and freight rates to New York increased by 35% to US$5,644. The average rate is now ...