A line graph shows the level of the Shanghai Containerized Freight Index, starting in 2011 and continuing into 2024. The level is variable but largely consistent from 2011 until 2020, with the largest moves in that span occurring in 2012 (when freighter rates spiked) and in 2015 and 2016 (when rates fell sharply). In 2020, freighter rates began to soar, a trend that continued through 2021. Rates plunged back toward their pre-2020 levels in 2022 and remained in that vicinity for much of 2023. Freighter rates spiked again in late 2023 and the opening days of 2024, with the latest reading of the index being roughly twice its long-run average.