Global Freight Rate Update, March 7, 2024

According to Drewry, spot freight rates on major routes continued to decline this week with particularly rates for the routes from China facing sharper drops than the rest.

The composite index decreased by 6% to $3,287 per 40ft container this week and has increased by 82% when compared with the same week last year.

The latest Drewry WCI composite index of $3,287 per 40ft container is 131% more than average 2019 (pre-pandemic) rates of $1,420. The average composite index for the year-to-date is $3,526 per 40ft container, which is $830 higher than the 10-year average rate of $2,697 (which was inflated by the exceptional 2020-22 Covid period).

Freight rates from Shanghai to Rotterdam decreased by 7% or $294 to $3,650 per 40ft box.

Similarly, freight rates from Rotterdam to Shanghai, Shanghai to Genoa and Shanghai to New York dropped by 6% to $861, $4,449 and $5,458 per feu respectively.

Followed by rates on Shanghai to Los Angeles which reduced by 5% or $214 to $4,272 per 40ft container.

Likewise, rates on New York to Rotterdam and Rotterdam to New York declined by 1% to $624 and $2,192 per feu respectively.

While rates on Los Angeles to Shanghai remained stable.

Drewry expects spot rates to continue declining in the coming weeks without a dramatic crash.

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	Northwest Europe	3,650	-7%	134%
US East Coast	Northwest Europe	624	-1%	-46%
China	South Europe	4,449	-6%	95%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	US West Coast	4,272	-5%	123%
China	US East Coast	5,458	-6%	102%
Northwest Europe	US East Coast	2,192	-1%	-59%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
Northwest Europe	China	861	-6%	23%
US West Coast	China	717	0%	-34%

The abovementioned freight rates per container are effective as of March 7, 2024 and contain all applicable costs such as bunker adjustment fees (baf) and currency adjustment fees (caf).