Container freight rates continue to mount reaching "record levels" due to ongoing disruption to global supply chains around the world.

According to the recent Drewry World Container Index (WCI), container rates rose 4.2% over the last week to an average of US$8,399.09 per forty-foot equivalent unit (FEU) as the Shanghai Containerized Freight Index (SCFI) also increased 119.14 points over the last week to 3905.14.

The level noted by the Drewry WCI was up 346% compared to the same period in 2020, and it added that the average for WCI this year reached US$5,643 per FEU, or up by around US$3,628 compared to the five-year average of US$2,015 per FEU.

The recent disruption at the Yantian port in South China exacerbated the woes of an already fragile shipping industry— and pushed container rates even higher.

Aside from Covid-19, the industry was also hit by the impact of the week-long blockade of the Suez Canal which rippled through shipping operations. Meanwhile, although operations at the Yantian port have now resumed to normal levels, experts warned that the impact through the container shipping supply chain will be felt for longer.

Drewry noted that the rate on the Shanghai – Rotterdam was up by US$228 over the last week to reach US$12,203 per FEU and tops by 567% the level seen during the same period last year.

On the transpacific Los Angeles – Shanghai route, rate also increased by 23% or $243 to reach US$1,284 per FEU, according to Drewry.

The maritime research consultancy firm noted that it expects container freight rates to remain steady this coming week.