Global Freight Rate Update, May 23, 2024

According to Drewry, spot freight rates on major routes continued to soar this week with China-Europe and China-US routes showing visible gains.

The composite index increased 16% to $4,072 per 40ft container this week and has increased by 142% when compared with the same week last year.

The latest Drewry WCI composite index of $4,072 per 40ft container is 187% more than average 2019 (pre-pandemic) rates of $1,420. The average composite index for the year-to-date is $3,280 per 40ft container, which is $559 higher than the 10-year average rate of $2,717 (which was inflated by the exceptional 2020-22 Covid period).

Freight rates from Shanghai to Rotterdam increased 20% or $827 to $4,999 per 40ft container. Similarly, rates from Shanghai to Los Angeles increased 18% or $801 to $5,277 per feu.

Likewise, rates from Shanghai to Genoa climbed 15% or $718 to $5,494 per 40ft box.

Correspondingly, rates from Shanghai to New York surged 13% or $746 to $6,463 per 40ft container. Also, Rotterdam to New York rates increased 1% or $32 to $2,241 per feu.

Conversely, rates from Rotterdam to Shanghai decreased 1% or $6 to $673.

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

Drewry expects the spike in spot freight rates to lessen in the next few months.

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	Northwest Europe	4,999	20%	227%
US East Coast	Northwest Europe	630	0%	-25%
China	South Europe	5,494	15%	153%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	US West Coast	5,277	18%	193%
China	US East Coast	6,463	13%	134%
Northwest Europe	US East Coast	2,241	1%	-44%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
Northwest Europe	China	673	-1%	15%
US West Coast	China	692	0%	-32%

The abovementioned freight rates per container are effective as of May 23, 2024 and contain all applicable costs such as bunker adjustment fees (baf) and currency adjustment fees (caf).