Spot rates for container shipping appear to be catching their breath at the start of July 2024, following a period of rapid ascent. This is evidenced by the World Container Index data released by Drewry on July 11. The cost to ship a forty-foot container from Shanghai to Rotterdam remained virtually unchanged from the previous week ($8,048 versus $8,056), while the rate from Shanghai to Genoa rose by only one percent to $7,614. In the reverse direction, from Rotterdam to Shanghai, the average spot rate even dropped by two percent to $631 per feu.
The largest percentage increase is observed on the eastbound transatlantic route, where the rate from New York to Rotterdam increased by four percent in one week to $682 per feu (though it remains down eight percent year-on-year). Westbound shipments, however, saw a one percent decrease, reaching $1,955. From New York, Drewry reports that the rate for a container from Shanghai to the U.S. port rose by three percent to $9,387.
Stability is also seen on the transpacific route between Shanghai and Los Angeles, where the cost of shipments to Asia remained stable ($699 versus $696 the previous week) and the cost of shipments to the Californian port increased by one percent to $7,512. Collectively, these port readings brought the composite index to $5,901 per feu, one percent higher than the previous week. Nonetheless, Drewry analysts believe that rates will remain high at least until the end of the peak season.
