An article from the Indian newspaper India Shipping News reported that in August 2024, Indian container shipping saw a general decrease in freight rates for shipments departing from India, following a period of steep increases in previous months. However, there was one exception: routes to Europe continued to see rising rates. Specifically, for shipments from western Indian ports like Jawaharlal Nehru Port and Mundra to Felixstowe or Rotterdam, rates climbed to $4,800 per TEU, up from $4,200 at the end of July.
Forty-foot containers (FEU) experienced similar increases, reaching $5,000 per unit. Comparable rates were reported for shipments to Genoa, with prices rising to $4,800 per TEU. The situation differed on the reverse route: shipments to India from European ports like Felixstowe or Rotterdam saw a decrease in rates compared to the previous month. The cost for a TEU fell to $1,100, while the rate for a FEU dropped to $1,350.
In the U.S. market, freight rates saw significant reductions in August. Shipments from western India to the U.S. East Coast, particularly to New York, experienced a decline, with rates dropping to $8,000 per TEU and $9,000 per FEU, compared to the July peaks of $9,500 and $10,500 respectively. An even sharper decline was observed on routes to the U.S. West Coast, where rates dropped to $6,000 per TEU and $7,000 per FEU, a significant decrease from the July rates of $10,500 and $12,000. Similarly, for routes to the U.S. Gulf Coast (Houston), rates fell to $8,000 per TEU and $8,500 per FEU, down from $10,000 in the previous month.
