As predicted by analysts, the third week of June 2024 saw a rise in average spot rates for container shipping to and from China. The World Container Index, published by Drewry on June 20, highlights that the only declining indices are for the Rotterdam to New York route, down by 1% (to $2,093 per FEU westbound and $633 eastbound). The most notable increase is on the Shanghai to Rotterdam route, which surged by 11% in one week, bringing the rate to $6,867 per FEU. The reverse direction saw a smaller increase of 2%, with an average rate of $672. The rate from Shanghai to Genoa also rose, though to a lesser extent compared to the Dutch port: a 2% increase to an average of $7,029 per FEU.
On transpacific routes, the Shanghai to Los Angeles rate stood out, rising by 7% in one week to $6,441 per FEU. The reverse direction remained stable at $694 (just one dollar more than the previous week). The rate between Shanghai and New York increased by 3% to $7,552. These developments pushed the composite index to $5,117, marking a weekly increase of 7%.
Looking at the annual trend, the composite index has surged by 233% compared to the same period last year, while the comparison to the pre-pandemic period (2019) shows a 260% increase. The annual increase for the Shanghai to Rotterdam route was 422%, while the Shanghai to Genoa route saw a 239% rise. For departures from the Chinese port, the average rate to Los Angeles increased by 292% and to New York by 197%. Conversely, transatlantic rates declined annually: down 20% from New York to Rotterdam and 35% from Rotterdam to New York.
