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Container rate surge enters longest stretch since the pandemic
The spot rate for shipping goods in containers to Europe from Asia rose for a ninth straight week, the longest stretch of rising prices since the pandemic disrupted global supply chains in 2021.
The rate for a 40-foot container to Genoa, Italy, from China hit $7,029 over the past week, the highest level since September 2022, according to the Drewry World Container Index released Thursday. The cost to Rotterdam increased to $6,867. Both rates have essentially doubled since April.
For the busy trade route from Shanghai to Los Angeles, the rate rose for a seventh straight week, to $6,441.
While not all freight is moving at such elevated prices, the spot market for containers reflects the supply of available space on ships and the demand from importers. That balance has tightened during the past six months as vessels avoid the Red Sea, where Houthi rebels have attacked commercial traffic, including a bulk commodity carrier that sunk earlier this week.
Most container lines are taking the longer route around southern Africa, creating disruptions similar to those two or three years ago. Ryan Petersen, founder and chief executive officer of Flexport Inc., said “we’re right back almost to where we were during the peak Covid situation.” He’s seeing spot rates even higher than the numbers Drewry just reported.
“Right now, if you want to ship a container from China to here in the UK it will cost you about $10,000 unless you have a contract,” Petersen said during a Bloomberg Television interview in London on Thursday. “And by the way, most of those contracts that were signed at lower prices are not being honoured and they’re adding surcharges to them.”
Petersen said it’s hard to predict how long shipping prices will keep climbing, noting that carriers spent some of their record-high profits made during the pandemic on new vessels that are entering service through 2026, which should help ease the latest capacity crunch.
But he also said uncertainty about delivery reliability later this year is worrying some companies and motivating them to order now rather than wait. Among the threats is a dockworker strike at ports along the US East and Gulf coasts, which Petersen said might send container rates above their pandemic highs if cargo bound for those gateways is significantly disrupted.
Weekly Dhaka Stock Exchange, DSE, Dhaka Bourse has seen a negative performance in Indices, Turnover & Market Capitalization throughout the whole week, This information was disclosed in the weekly market review from the DSE.
According to sources, (5 working days) the turnover of DSE lost by Tk 3 thousand 289 crore 7 lakh (August 18 – August 22). At the same time, the market capitalization has decreased by 16 thousand 132 crore 59 lakh taka.
The benchmark index ‘DSEX’ lost by 203.92 points or 3.45 percent, in the outgoing week. At the end of the week, the index stands at 5,699 points. The Shariah-based index ‘DSES’ dropped 45.64 points or 3.61 percent and therefore the index stands at 1,264 points. The blue-chip index ‘DS30’ decreased by 88.76 points or 4.07 percent, hence the index stands at 2,090 points.
Shares and units worth 3 thousand 122 crore 5 lakh taka were traded in Dhaka Stock Exchange. At the end of the week, the market capitalization stood at 6 lakh 92 thousand 831 crore 80 lakh taka.
Shares and units of 394 companies were traded on Bourse during the week. Of these, 5 shares were unchanged, 357 companies declined, and 32 companies advanced.
Grameenphone Limited has ranked at the top of weekly trading on DSE. The Company records an average turnover of 57 crore 69 lakh taka.
Midland Bank PLC ranked at the top of weekly gainers on DSE. The share has risen 12.09 percent to its highest price.
SEML FBLSL Growth Fund has ranked at the top of weekly losers on DSE. The unit has dropped 14.52 percent lowest in the last week.
Prime Minister Sheikh Hasina today offered solace to the families of those killed during the chaos instigated by BNP-Jamaat terrorists, who exploited the recent quota reform movement. The grieving families met her at her official residence, Ganabhaban.
Among the bereaved were the family members of Abu Sayeed, a student from the English Department at Begum Rokeya University, Rangpur (BRUR), along with 33 other families. Sheikh Hasina presented them with saving certificates and cash as a gesture of assistance.
The sight of the prime minister brought the grieving families to tears. As each family member approached Sheikh Hasina, their emotions overflowed, and they broke down crying.
The prime minister, visibly moved, also struggled to contain her emotions. Tears streamed down her face as she listened to their stories, and she appeared deeply distressed.
In her attempt to console the families, Sheikh Hasina shared her own pain, saying, “Look at me, I am living with so much pain.” She reassured them of her support, expressing that she, too, understands the agony of losing loved ones. “It’s my misery that I have to see your tears,” she continued.
The atmosphere at Ganabhaban was heart-wrenching, filled with grief and shared sorrow.
Present at the event were Speaker Shirin Sharmin Chaudhury and Home Minister Asaduzzaman Khan, with Prime Minister’s Office Secretary Mohammad Salahuddin moderating the proceedings.
Abu Sayeed’s father Makbul Hossain, mother Monwara Begum, and other relatives traveled from Rangpur to Dhaka and attended the gathering at Ganabhaban.
Abu Sayeed, a 12th batch student in the English Department at BRUR, died on July 16 during the quota reform movement in Rangpur. Earlier, on July 26, the BRUR administration provided financial support to Sayeed’s family, delivering a cheque of Taka 750,000 to his parents in Pirganj, Rangpur.
Dhaka Stock Market DSE, Bourse on the first working day of the week, 28th July, ended with a drop in Indices and Turnover from the previous working session. This information is known from DSE sources.
488 crore 38 lakh taka shares were traded on this day. 8 crore 96 lakh less tradings were done in DSE today compared to the previous workday, July 25th, Shares worth Tk 497 crores 34 lakh shares were traded last time, Thursday.
The benchmark DSEX decreased 29.92 points or 5,383 The Shariah-based index DSES lost 5.65 points or 1,177 and the blue-chip index DS30 dropped by 11.51 points or 1,951.
Of the issues traded, 88 advanced, 261 declined and 43 remained unchanged.
Techno Drugs Limited ranked top gainer on DSE, the share price increased by Tk 4.20 paisa or 9.93 percent. On this day, the share was last traded at Tk 46.50 paisa.
Shurwid Industries Limited ranked top loser on the DSE, the share price dropped by Tk 0.30 paisa or 3.00 percent. On this day, the share was last traded at Tk 9.70 paisa.
DSE topped on trade is Agni Systems Limited 28 crore 71 lakh takas of company shares have been traded.
A total of 33 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 31 lakh 74 thousand 737 shares of the companies were traded. The financial value of which is 30 crore 93 lakh taka
