Global Freight Rate Update, July 18, 2024

According to Drewry, spot freight rates on major routes increased marginally this week while China-US West Coast rates declined, which is the first time since early May.

The composite index inched up 1% to $5,937 per 40ft container this week and has increased 286% when compared with the same week last year.

The latest Drewry WCI composite index of $5,937 per 40ft container is 43% below the previous pandemic peak of $10,377 in September 2021, but it is 318% more than average 2019 (pre-pandemic) rates of $1,420. The average composite index for the year-to-date is $3,820 per 40ft container, which is $1,049 higher than the 10-year average rate of $2,770 (which was inflated by the exceptional 2020-22 Covid period).

Freight rates from New York to Rotterdam increased 4% or $28 to $710 per FEU. Likewise, rates from Shanghai to Rotterdam rose 3% or $219 to $8,267 per 40ft box.

Similarly, rates from Shanghai to New York spiked 2% or $225 to $9,612 per 40ft container. Also, rates from Shanghai to Genoa inched up 1% or $113 to $7,727 per FEU.

Conversely, rates from Shanghai to Los Angeles decreased 3% or $224 to 7,288 per 40ft box. Similarly, rates from Rotterdam to New York dropped 1% or $12 to $1,943 per 40ft container.

Meanwhile, rates from Rotterdam to Shanghai and Los Angeles to Shanghai remain stable.

Drewry expects ex-China rates to stay steady next week and remain high throughout the peak season.

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	Northwest Europe	8,267	3%	540%
US East Coast	Northwest Europe	710	4%	-4%
China	South Europe	7,727	1%	306%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
China	US West Coast	7,288	-3%	271%
China	US East Coast	9,612	2%	231%
Northwest Europe	US East Coast	1,943	-1%	18%

From	To	Freight (USD/40’ container)	Weekly Change (%)	Yearly Change (%)
Northwest Europe	China	630	0%	19%
US West Coast	China	701	0%	-16%

The abovementioned freight rates per container are effective as of July 18, 2024 and contain all applicable costs such as bunker adjustment fees (baf) and currency adjustment fees (caf).