Global maritime shipping prices witnessed a significant surge in early 2024, reaching record levels not seen since Nov. 2022, ending a downward trend that prevailed throughout 2023.

According to the Baltic Index measuring maritime shipping prices, prices have surged weekly by more than 85 percent on Jan. 4, reaching an average cost of USD 2,490 for shipping a 40-foot container, compared to USD 1,341 the previous week.

In the same context, the Dry Freight Composite Index recorded a 61 percent increase on Jan. 4 compared to the levels of Dec. 21, 2023. The average cost of a 40-foot container reached USD 2,670, compared to USD 1,661 previously.

Despite the price hikes in shipping during the last quarter of the previous year due to geopolitical tensions, price levels at the end of 2023 were lower than those at the end of 2022.

According to the Baltic Index, global maritime shipping prices fell by 37.7 percent during the past year. The cost of shipping a 40-foot container was USD 1,341 in the week ending Dec. 29, 2023, compared to USD 2,152 in the same week of the previous year, 2022.