May has been a month of consistent growth in spot rates for maritime container transport from China. According to a report released by Drewry on May 16, 2024, there have been double-digit increases for routes to Europe and the United States. The rate from Shanghai to Genoa increased by 11% in just one week, reaching $4,776 per FEU, marking a 117% annual increase. The average rate from Shanghai to Rotterdam rose by an additional point (12%) compared to the Ligurian port, surpassing the $4,000 barrier to reach $4,172. The Dutch port also showed the highest annual increase, with a 171% rise.
The two U.S. destinations tracked by Drewry exhibited similar trends to Europe: the spot rate from Shanghai to Los Angeles increased by 12% in a week to $4,476 per FEU, and the rate from Shanghai to New York rose by 12% to $5,717. The annual increases were 146% and 102%, respectively.
Conversely, Drewry reported declines in rates for the route to Shanghai, with departures from Rotterdam and Los Angeles both showing decreases: 2% (to $679 per FEU) and 1% (to $692 per FEU), respectively. The transatlantic route appeared more stable, with the spot rate from Rotterdam to New York increasing by 2% to $2,209, while the reverse route remained unchanged at $628.
This has led to an 11% increase in the global index, which encompasses all routes, reaching $3,511, with an annual increase of 104% and a 147% rise compared to pre-pandemic averages. The composite average value for the current year stands at $3,241 per 40-foot container, $524 above the ten-year average of $2,717, which was inflated by the exceptional period of 2020-22 due to Covid. Drewry forecasts that rates from China will continue to rise due to increasing transport demand, limited capacity, and the need to reposition empty containers.
