Global Freight Rate Update, May 9, 2024

According to Drewry, spot freight rates on major routes particularly from China visibly soared this week while rates from West Europe formed an exception.

The composite index increased 16% to $3,159 per 40ft container this week and has increased by 81% when compared with the same week last year.

The latest Drewry WCI composite index of $3,159 per 40ft container is 122% more than average 2019 (pre-pandemic) rates of $1,420. The average composite index for the year-to-date is $3,227 per 40ft container, which is $512 higher than the 10-year average rate of $2,714 (which was inflated by the exceptional 2020-22 Covid period).

Freight rates from Shanghai to Rotterdam increased 20% or $606 to $3,709 per 40ft container. Similarly, rates from Shanghai to Los Angeles surged 18% or $617 to $3,988 per feu.

Likewise, rates from Shanghai to Genoa and Shanghai to New York spiked 16% to $4,295 and $5,089 per 40ft box respectively.

Moreover, rates from New York to Rotterdam inched up 1% or $4 to $629 per container.

Conversely, rates from Rotterdam to New York decreased 2% or $50 to $2,160 per 40ft box. Likewise, rates from Rotterdam to Shanghai declined 6% or $44 to $695 per feu.

While rates from Los Angeles to Shanghai remain stable.

Drewry expects freight rates ex-China to continue increasing in the upcoming week amid a huge demand spike and tight capacity.

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	Northwest Europe	3,709	20%	131%
US East Coast	Northwest Europe	629	1%	-29%
China	South Europe	4,295	16%	95%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	US West Coast	3,988	18%	118%
China	US East Coast	5,089	16%	80%
Northwest Europe	US East Coast	2,160	-2%	-52%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
Northwest Europe	China	695	-6%	17%
US West Coast	China	699	0%	-31%

The abovementioned freight rates per container are effective as of May 9, 2024 and contain all applicable costs such as bunker adjustment fees (baf) and currency adjustment fees (caf).