Global Freight Rate Update, July 4, 2024

According to Drewry, spot freight rates from Shanghai witnessed another week of notable increases ranging from 7% to 17%, driving the global index further up.

The composite index increased 10% to $5,868 per 40ft container this week and has increased 298% when compared with the same week last year.

The latest Drewry WCI composite index of $5,868 per 40ft container is 43% below the previous pandemic peak of $10,377 in September 2021, but it is 313% more than average 2019 (pre-pandemic) rates of $1,420. The average composite index for the year-to-date is $3,664 per 40ft container, which is $909 higher than the 10-year average rate of $2,756 (which was inflated by the exceptional 2020-22 Covid period).

Freight rates from Shanghai to New York increased 17% or $1,331 to $9,158 per 40ft container. Similarly, rates from Shanghai to Los Angeles rose 12% or $799 to $7,472 per 40ft box.

Likewise, rates from Shanghai to Rotterdam surged 10% or $734 to $8,056 per FEU. Additionally, rates from Shanghai to Genoa spiked 7% or $471 to $7,573 per 40ft container.

Also, rates from New York to Rotterdam swelled 2% or $16 to $656 per FEU.

Conversely, rates from Rotterdam to Shanghai decreased 5% or $33 to $643 per 40ft box. Rates from Rotterdam to New York dropped 3% or $67 to $1,977 per FEU.

Meanwhile, rates from Los Angeles to Shanghai remain stable.

Drewry expects a minor increase in freight rates out of China as Asian ports face congestion issues.

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	Northwest Europe	8,056	10%	499%
US East Coast	Northwest Europe	656	2%	-11%
China	South Europe	7,573	7%	280%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	US West Coast	7,472	12%	356%
China	US East Coast	9,158	17%	254%
Northwest Europe	US East Coast	1,977	-3%	-1%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
Northwest Europe	China	643	-5%	18%
US West Coast	China	696	0%	-21%

The abovementioned freight rates per container are effective as of July 4, 2024 and contain all applicable costs such as bunker adjustment fees (baf) and currency adjustment fees (caf).