The average spot freight rates for maritime container transport have continued to decline into the third week of September 2024. In fact, the pace of the decline seems to be accelerating, according to the World Container Index data released by Drewry on September 26. Over the span of just one week, the rate from Shanghai to Genoa plummeted by 15%, landing at $4,212 per FEU, while the Shanghai to Rotterdam route saw an 11% decrease, dropping to $4,157. On the reverse route, from Rotterdam to Shanghai, rates have remained relatively stable, slipping slightly from $603 to $600 per FEU.
Rates on Pacific routes have also seen declines, though on a smaller scale compared to the Asia-Europe routes. The Shanghai-Los Angeles rate fell by 1%, reaching $5,490 (with no change on the reverse route, which stayed at $717), and the Shanghai-New York rate dropped by 5% to $6,028.
In contrast to these trends, transatlantic rates are rising. The Rotterdam to New York rate increased by 1% in one week, climbing to $2,067. A similar increase was observed in the reverse direction, with the rate edging up from $713 to $722 in just one week.
Drewry anticipates further declines in rates for Asia-to-Europe routes, driven by weaker demand. Conversely, they expect headhaul rates on transatlantic and transpacific routes to rise, influenced by potential labor strikes and the impact of China’s upcoming Golden Week holiday.
