Global Freight Rate Update, November 16, 2023

According to Drewry, spot freight rates on main routes showed divergent paths this week. Spot rates from China turned down, erasing some of the gains of the past couple of weeks.

The composite index decreased by 2% on the week to $ 1,469.00 per 40ft container. Meanwhile, it has dropped by 43% when compared with the same week last year.

The latest Drewry WCI composite index of $1,469 per 40-foot container is now 3% more than average 2019 (pre-pandemic) rates of $1,420. The average composite index for the year-to-date is $1,695 per 40ft container, which is $980 lower than the 10-year average rates of $2,675 (which was inflated by the exceptional 2020-22 Covid period).

Freight rates on Shanghai to Rotterdam decreased by 4% to $1,227 per 40ft container. Likewise, rates on Shanghai to Los Angeles declined by 3% or $79 to $2,208 per 40ft box.

Similarly rates on Shanghai to New York diminished by 2% or $40 to $2,621 per feu. Conversely rates on New York to Rotterdam increased by 2% or $12 to $614 per 40ft container.

Likewise, rates on Rotterdam to Shanghai and Rotterdam to New York inched up 1% to $466 and $1,510 per 40ft box respectively. However, rates on Los Angeles to Shanghai remained stable to its previous week’s level.

Drewry anticipates East-West spot rates on lanes to remain close to current levels, overall, in the upcoming weeks.

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	Northwest Europe	1,227	-4%	-54%
US East Coast	Northwest Europe	614	2%	-54%
China	South Europe	1,449	-1%	-57%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	US West Coast	2,208	-3%	4%
China	US East Coast	2,621	-2%	-48%
Northwest Europe	US East Coast	1,510	1%	-79%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
Northwest Europe	China	466	1%	-45%
US West Coast	China	771	0%	-35%

The abovementioned freight rates per container are effective as of November 16, 2023, and contain all applicable costs such as bunker adjustment fees (baf) and currency adjustment fees (caf).