Those hoping that the slowdown in the increase of spot rates for container shipping was a sign of stabilization will be disappointed by the data released on June 6, 2024, by the Drewry Container Index, covering the first week of June 2024. Average values on routes between China and Europe have returned to double-digit growth, with the record being set by the Shanghai-Genoa route, which increased by 17% in one week: the average rate has significantly surpassed $6,500 per FEU ($6,664), nearly a thousand dollars more than the previous week.
The other route to Europe reported by Drewry, between Shanghai and Rotterdam, shows a slightly smaller percentage increase: +14%, also slightly surpassing the six-thousand-dollar threshold ($6,032). Looking at the annual trend, the rate for Genoa has increased by 213%, and for Rotterdam by 315%. Weekly rates from China to the United States are also rising: +11% from Shanghai to Los Angeles ($5,975 per FEU) and +6% from Shanghai to New York ($7,214).
In other cases, there are slight reductions or substantial stability. The rate from Rotterdam to Shanghai has decreased by 5% (to $642), and from Rotterdam to New York by 4% (to $2,136). No changes were reported for rates between Los Angeles and Shanghai and between New York and Rotterdam. Overall, the composite index has risen by 12% to $4,716. Drewry predicts that transportation prices from China will continue to rise next week due to the start of the peak season.
