The trend in container shipping spot rates moved downward yet again in mid-April 2024, though there were some exceptions, according to the weekly Drewry Container Index released on April 18, 2024. Rates for containers departing from Shanghai showed a significant drop, both to Europe and the United States. Specifically, the average rate fell by two percent to $3,557 for a 40-foot container headed for Genoa and to $2,989 for one en route to Rotterdam. However, at the Dutch port, the rate for shipments to Shanghai remained steady at $767 per FEU, while the rate to New York actually rose by 2% to $2,291.
For transatlantic journeys in the opposite direction, the rate increased marginally by one dollar, settling at $626 per FEU. On the Pacific front, transportation rates from China to the United States continued to decrease: down 4% from Shanghai to Los Angeles ($3,487) and down 5% from Shanghai to New York ($4,453). Conversely, rates from Los Angeles to Shanghai showed a 2% increase to $708.
Looking at the composite index, which covers all routes, there was a 3% decrease in the second week of April, bringing it to $2,719 per FEU. Yet, it still shows an increase of 53% compared to the same period last year. As for the year-to-date average, the composite index stands at $3,295 per FEU, which is $586 higher than the ten-year average of $2,709 — a figure already inflated by the exceptional period of 2020-2022 during the pandemic. Drewry forecasts a slight decline in spot rates for the coming week, but market volatility makes these predictions uncertain.
