The second week of March 2024 continues to show a downturn in maritime container spot freight rates. The composite index of the Drewry Container Freight Rate, released on March 14, which covers all considered routes, has fallen by 4%, settling at $3,162 for a 40-foot container. Specifically, the routes from Shanghai to Genoa and from Shanghai to Rotterdam experienced the highest percentage drop, both by 5%. The average spot freight rate to Genoa dropped to $4,223 per FEU, and to Rotterdam to $3,473 per FEU. Conversely, the rate from Rotterdam to Shanghai decreased by 2% to $845.
The sole increase in freight rates is observed on the trans-Atlantic route, where the average value from Rotterdam to New York grew by 2% to $2,242, and the rate for the reverse route increased by 3% to $644. Meanwhile, trans-Pacific freight rates remain in the red. From Shanghai to Los Angeles, rates fell by 4% to $4,082 per FEU, and in the reverse direction, they decreased by 1% to $707. The decline rate between Shanghai and New York was also 1%, reaching $5,411 per FEU. Drewry anticipates that in the coming weeks, freight rates to and from China will continue to decline, while those between the United States and Europe will remain stable.
