Data from the World Container Index, released by Drewry on November 7, 2024, not only confirms the rise in container freight rates observed the previous week but also highlights a doubling in the growth rate for routes between China and Europe. The Shanghai-Genoa route shows the highest rate of increase, as seen the week prior, with a 21% jump—or $751—bringing the average freight rate for a 40-foot container well above $4,000 ($4,399). Meanwhile, the Shanghai-Rotterdam route also saw a substantial increase of 16%, pushing the rate to $3,954 per FEU. In contrast, rates on the eastbound route from Europe to China fell by 3%, reaching $524.
A mixed trend is also evident on the transatlantic route, with rates from New York to Rotterdam increasing by 3% to $785 per FEU, while the reverse direction saw a 2% decline, bringing the rate to $2,624. Analysts are closely monitoring the westbound freight rates, especially in light of the recent election of Trump as U.S. President, as they anticipate a potential rise in U.S. imports—and consequently container freight rates—due to the possibility of new tariffs.
On the Pacific front, rates remain relatively stable. The Los Angeles-Shanghai route showed no notable changes, while Drewry recorded a slight 1% decrease in the opposite direction, setting the average rate at $4,806 per FEU. The rate for Shanghai-New York also held steady at $5,233. However, industry watchers are waiting to see how these rates will evolve under the new U.S. administration.
