Following a relatively calm November 2024, with rates slowly decreasing, late November saw a sharp surge in average spot freight rates, showing double-digit gains between China and Europe. This is according to the World Container Index released by Drewry on 5th December, which highlights a weekly increase of 22% between Shanghai and Genoa, and 19% between Shanghai and Rotterdam. In the former case, the average rate returned above $5,000 per feu, reaching $5,496 – a rise of $1,000 from the previous week. The increase between the Chinese and Dutch ports was slightly less marked, at 19%, bringing the rate to $4,775, roughly $800 more than the previous week. Meanwhile, freight rates for the reverse route remain slightly down, with a 1% decline to $514.
The situation differs on the transatlantic route between Rotterdam and New York, where westbound rates saw a slight decrease of 1%, reaching $2,649 per feu, while eastbound rates experienced a modest 2% rise, up to $807. While Europe witnesses a strong surge, the US East Coast benefits from a significant drop: the spot rate between Shanghai and Los Angeles fell by 12%, settling at $3,719 per feu, while rates for the reverse direction remained stable at $721. The rate between Shanghai and New York also remained relatively steady, dropping by just $22 per feu. However, Drewry forecasts an increase in Pacific rates as early as the following week, driven by expected strikes in the US in January 2025.
