Freight rates rise as Suez returns gather pace and Gulf risks persist

SOME weeks seem to take more out of us than others, and I know this has been one of those weeks for some. Hopefully, next week is a little kinder.

On the shipping front, it’s been another huge week, with plenty happening across freight rates, vessel movements and the wider industry.

Let’s start with Suez, where more carriers are returning to the route. But with different services resuming at different times, and limited clarity around exactly which sailings are changing and when, it’s not as straightforward as it might sound.

Meanwhile, the Strait of Hormuz remains volatile, with further tanker attacks reported near Oman and Iraq, while Iran claims seven vessels were attacked or struck mines in the Gulf.

The Drewry World Container Index rose 2% for a second consecutive week, supported by higher rates on Asia-Europe and Transpacific routes. Strong US import demand and capacity cuts are helping support rates, with further increases expected on Asia–Europe routes.

The Intra-Asia Container Index was virtually unchanged, up less than 1% as rates remained stable across most routes. Congestion has eased at several major Asian ports following Golden Week, but Typhoon Champi could disrupt that recovery, with port restrictions and vessel delays potentially causing renewed congestion.

So, what else is going on out there?

Today’s photo is the Singapore, alongside at DP World in Fremantle.

A regular caller into Fremantle, the vessel operates on OOCL’s AWX service between Port Klang, Singapore and Fremantle.

The name can cause some confusion, especially when cargo is coming from Singapore and is also on the Singapore!

Hope everyone has a great weekend!