Global Freight Rate Update, June 8, 2023

According to Drewry, freight rates on five major routes posted declines while rates from China to the US soared visibly.

The composite index remained stable as compared to the previous week at $1,681.04 per 40ft container. Meanwhile, it has dropped by 78% when compared with the same week last year.

The latest Drewry WCI composite index of $1,681 per 40-foot container is now 84% below the peak of $10,377 reached in September 2021. It is 37% lower than the 10-year average of $2,688, indicating a return to more normal prices, but remains 18% higher than average 2019 (pre-pandemic) rates of $1,420.

Spot freight rates on Rotterdam – New York fell by 9% or $339 to $3,375 per feu. Spot rates on Shanghai – Rotterdam dropped 6% or $91 to $1,452 per 40ft box.

Similarly, spot rates on Shanghai – Genoa and New York – Rotterdam declined 2% each to $2,130 and $794 per 40ft container, respectively. Rates on Rotterdam – Shanghai slid by 1% to $574 per feu.

However, spot rates on transpacific lanes, Shanghai – Los Angeles and Shanghai – New York increased by 6% and 5% to $1,896 and $2,975 per 40ft box, respectively. Rates on Los Angeles – Shanghai hovered around the previous week’s level.

Drewry expects East-West spot rates to rise again on most routes in the next few weeks.

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	Northwest Europe	1,452	-6%	-85%
US East Coast	Northwest Europe	794	-2%	-33%
China	South Europe	2,130	-2%	-81%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	US West Coast	1,896	6%	-78%
China	US East Coast	2,975	5%	-72%
Northwest Europe	US East Coast	3,375	-9%	-52%

From	To	Freight (USD/40’ contaianer)	Weekly Change (%)	Yearly Change (%)
Northwest Europe	China	574	-1%	-60%
US West Coast	China	1,022	0%	-18%

The abovementioned freight rates per container are effective as of June 8, 2023 and contain all applicable costs such as bunker adjustment fees (baf) and currency adjustment fees (caf).