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The index measures global container freight rates [4] by calculating spot rates for 40-foot containers on 12 global tradelanes. [5] It is reported around the world as a proxy for shipping stocks, and is a general shipping market bellwether. The FBX is currently one of the most widely used freight rate indices. [6]
On the other hand, Intermodal container shipping rates depend heavily on the route taken over the weight of the cargo, just as long as the container weight does not exceed the maximum lading capacity. Prices can vary between $300-$10,000 per Twenty foot equivalent unit (TEU) depending on the supply and demand of a given route. [3]
From 2008 to 2009, new container ship prices dropped by 19–33%, while prices for 10-year-old container ships dropped by 47–69%. [64] In March 2010, the average price for a geared 500-TEU container ship was $10 million, while gearless ships of 6,500 and 12,000 TEU averaged prices of $74 million and $105 million respectively. [65]
On 10 February 2016 the Baltic Dry Index reached the historic low of 290. [18] By 15 November 2016 it rebounded to over 1000 sending the entire shipping industry to massive gains. Some companies reached 2000%+ in share price gains in as little as 5 days. [citation needed]
By the ISO standard, 10-foot (and previously included 5-ft and 6 1 ⁄ 2-ft boxes) are only of unnamed, 8-foot (2.44 m) height. But industry makes 10-foot units more frequently of 8 ft 6 in (2.59 m) height, [ 90 ] to mix, match (and stack) better in a fleet of longer, 8 ft 6 in tall containers.
The vast majority of containers moved by large, ocean-faring container ships are 20-foot (1 TEU) and 40-foot (2 TEU) ISO-standard shipping containers, with 40-foot units outnumbering 20-foot units to such an extent that the actual number of containers moved is between 55%–60% of the number of TEUs counted. [1]
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