March 2024 ends with a decline in spot freight rates for container maritime transport on all routes covered by the Drewry Container Index. The report released on March 28 shows a 3% weekly decrease in the global index, falling below $3,000 for a 40-foot container ($2,929). The two routes from China to Europe also showed the same downturn, with the average spot rate between Shanghai and Genoa reaching $3,806 and between Shanghai and Rotterdam $3,159 ($814 in the reverse direction). On an annual basis, the freight rate to Genoa is up by 67%, and to Rotterdam by 114%.
In the United States, a 6% decrease in rates from Shanghai to New York was noted, now standing at $5,058 per FEU, while rates from New York to Rotterdam and from Shanghai to Los Angeles saw a 3% decline, reaching $637 and $3,825 for a 40-foot container, respectively. Lastly, rates from Los Angeles to Shanghai and from Rotterdam to New York experienced a 1% reduction, settling at $691 and $2,261 per FEU, respectively. Looking ahead to the coming weeks, Drewry anticipates a further, albeit slight, drop in spot rates, indicating the sector's continuous adaptation to market changes and ongoing challenges.
