Today’s news / Maersk shares jump with surge in freight rates
On Friday, the price of transport from Shanghai to a number of destinations worldwide had increased by 18.8 percent over the week. The index is thus at its highest level since September 2022, writes MarketWire. (Archive photo). Photo: Rene Van Quekelberghe/Reuters

Maersk shares jump with surge in freight rates

Maersk’s stock rose approximately 8 percent on Monday following a significant increase in spot freight rates from Shanghai, with prices for shipping to various global destinations jumping by 18.8 percent over the week. This rate hike puts the index, the Shanghai Containerized Freight Index, at its highest since September 2022 according to MarketWire. Surges in the index, which has climbed 131 percent over the past year, are largely attributed to attacks on container ships in the Red Sea, prompting many shippers to reroute around Africa. Despite recent rises, current rates remain well below the peak levels of January 2022, influenced by pandemic-related bottlenecks. On Friday, the index stood at 2305.79 points, against January 2022’s high of 5109.60. Cable manufacturer NKT also saw a notable stock increase of 6.5 percent on the Copenhagen Stock Exchange.