Global Freight Rate Update, June 6, 2024

According to Drewry, spot freight rates on major routes maintained their visible increases this week with rates from China leading the rally.

The composite index increased 12% to $4,716 per 40ft container this week and has increased 181% when compared with the same week last year.

The latest Drewry WCI composite index of $4,716 per 40ft container is 232% more than average 2019 (pre-pandemic) rates of $1,420. The average composite index for the year-to-date is $3,384 per 40ft container, which is $654 higher than the 10-year average rate of $2,730 (which was inflated by the exceptional 2020-22 Covid period).

Freight rates from Shanghai to Genoa increased 17% or $971 to $6,664 per 40ft container. Similarly, rates from Shanghai to Rotterdam increased 14% or $762 to $6,032 per feu.

Likewise, rates from Shanghai to Los Angeles increased 11% or $585 to $5,975 per 40ft box.

Also, rates from Shanghai to New York rose 6% or $379 to $7,214 per 40ft box.

Conversely, rates from Rotterdam to Shanghai decreased 5% or $35 to $642 per feu. Also, rates from Rotterdam to New York dropped 4% or $86 to $2,136 per 40ft container.

Meanwhile, rates from Los Angeles to Shanghai and New York to Rotterdam remain stable.

Drewry expects freight rates ex-China to continue rising next week due to the onset of the early peak season.

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	Northwest Europe	6,032	14%	315%
US East Coast	Northwest Europe	626	0%	-21%
China	South Europe	6,664	17%	213%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	US West Coast	5,975	11%	215%
China	US East Coast	7,214	6%	142%
Northwest Europe	US East Coast	2,136	-4%	-37%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
Northwest Europe	China	642	-5%	12%
US West Coast	China	695	0%	-32%

The abovementioned freight rates per container are effective as of June 6, 2024 and contain all applicable costs such as bunker adjustment fees (baf) and currency adjustment fees (caf).