Average spot rates for container shipping continued to fall during the third week of October 2024, according to the World Container Index published by Drewry on October 24. The composite index decreased by 4% in one week, settling at $3,095 per 40-foot container. This figure represents a 70% drop from the peak reached during the pandemic in September 2021, when rates hit $10,377 per FEU, but it is still 118% above the pre-pandemic 2019 average of $1,420 per FEU. The average composite index for 2024 stands at $4,036 per FEU, which is $1,200 higher than the ten-year average of $2,836—a figure significantly influenced by the exceptional period of 2020-22 during the Covid-19 crisis. This indicates that although prices are declining, the market remains well above historical pre-pandemic levels.
In detail, the freight rate between Shanghai and Rotterdam recorded the largest percentage drop in one week: 7%, equivalent to $241, falling to $3,132 per FEU. A similar trend is seen in rates from Shanghai to New York, which fell by 6%, down by $343 to $5,266 per FEU, while rates from Shanghai to Genoa declined by 4%, or $142, settling at $3,296 per FEU. On trans-Pacific routes, the average rate from Shanghai to Los Angeles decreased by 3%, down $127 to $4,814 per FEU, while the reverse route saw a 1% decline, equivalent to $6, dropping to $710 per FEU.
Contrarily, rates from Rotterdam to New York experienced a sharp increase of 28%, up by $580 to $2,663 per FEU. Rates from New York to Rotterdam also rose by 4%, or $32, reaching $761 per FEU. According to Drewry, it is likely that rates out of China will continue to show a slight decline in the coming weeks, confirming the downward trend that has characterized the market in recent months.
