Global Freight Rate Update, June 20, 2024

According to Drewry, spot freight rates on major routes mostly maintained their increases for another week while routes from China to West Europe and US West Coast posted the most visible gains.

The composite index increased 7% to $5,117 per 40ft container this week and has increased 233% when compared with the same week last year.

The latest Drewry WCI composite index of $5,117 per 40ft container is 260% more than average 2019 (pre-pandemic) rates of $1,420. The average composite index for the year-to-date is $3,510 per 40ft container, which is $768 higher than the 10-year average rate of $2,742 (which was inflated by the exceptional 2020-22 Covid period).

Freight rates from Shanghai to Rotterdam increased 11% or $690 to $6,867 per feu. Similarly, rates from Shanghai to Los Angeles grew 7% or $416 to $6,441 per 40ft box.

Likewise, rates from Shanghai to New York rose 3% or $253 to $7,552 per 40ft container.

Also, rates from Rotterdam to Shanghai and Shanghai to Genoa increased 2% to $672 and $7,029 per feu respectively.

Conversely, rates from New York to Rotterdam and Rotterdam to New York decreased 1% to $633 and $2,093 per 40ft box respectively.

Meanwhile, rates from Los Angeles to Shanghai remain stable.

Drewry expects that freight rates from China will continue to rise next week due to congestion issues at Asian ports.

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	Northwest Europe	6,867	11%	422%
US East Coast	Northwest Europe	633	-1%	-20%
China	South Europe	7,029	2%	239%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	US West Coast	6,441	7%	292%
China	US East Coast	7,552	3%	197%
Northwest Europe	US East Coast	2,093	-1%	-35%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
Northwest Europe	China	672	2%	18%
US West Coast	China	694	0%	-32%

The abovementioned freight rates per container are effective as of June 20, 2024 and contain all applicable costs such as bunker adjustment fees (baf) and currency adjustment fees (caf).