Global container shipping rates continued to increase this week as carriers reduced available capacity on major transpacific routes. The Drewry World Container Index rose 1% to $4,339 per 40-foot container, marking its second consecutive weekly increase.

Rates from Shanghai to the United States recorded the strongest gains. The Shanghai-to-New York rate increased 10% to $8,706 per 40-foot container, while the Shanghai-to-Los Angeles rate rose 6% to $6,244. Carriers have also canceled several sailings to control available vessel capacity.

In contrast, rates on Asia-Europe routes declined. Shanghai-to-Genoa rates fell 8% to $5,080, while Shanghai-to-Rotterdam rates dropped 5% to $4,425 per 40-foot container. The weaker rates were linked partly to softer demand on those routes.

The container market remains affected by security issues in the Middle East, restrictions around key waterways, port congestion and other supply chain disruptions. Xeneta also reported that long-term freight contract rates have increased since February, showing that the effects of the disruptions are continuing to influence the wider shipping market.