The price of dry freight has risen for the first time in two years.

A report by consultancy firm Drewry found costs increased by ten per cent over the first three months in 2014, compared to levels experienced during the final quarter of 2013. The study found there was no rise in charges for new containership operations.

Standard box prices declined throughout the whole of 2013, at one point dropping to their lowest levels since 2009. They are currently almost identical to levels seen exactly a year ago. 

Andrew Fox, consultant with Drewry Maritime Research, commented: "It is too early to say whether the equipment pricing trend has truly reversed, as the box market equipment market remains volatile."

Meanwhile, the report stated the outlook for container manufacturers remains largely downbeat. Although demand may enjoy a slight increase during the second and third quarters of 2014, global fleet growth is once again expected to be below five per cent this year.