The soaring shipping costs, heightened by lockdowns, labour shortages, and twisted logistics network, have showered gold rains on the container rates. While it is gradually being regularized, ship charter rates are yet to see the check shippers earnestly waiting for.
The HARPEX index, which tracks pricing in the charter market for containerships, has risen to a new all-time record of 4,258 points.
HARPER PETERSEN Charter Rates Index. Credit: HARPER PETERSEN
The HARPEX is published weekly by German shipbroker HARPER PETERSEN and reflects worldwide container ship charter market pricing for 6-12 months fixture periods based on actual weekly fixture reports. The index provides rate assessments on nine classes of ships, all of which are either at or setting new records.
The humongous ten times increase from 412 points in June 2020 to the current 4000+ have coincided with enormous freight costs that have pushed businesses to bottom lines and added to inflationary pressure.