In the first week of April 2024, spot freight rates for container shipping showed signs of leveling off after a prolonged period of nearly constant decrease. This was revealed in the World Container Index distributed by Drewry on April 11, where the composite index for 40-foot containers recorded a 1% decrease, reaching $2,795. The route between Shanghai and Genoa remained virtually unchanged, moving from $3,614 to $3,632 per FEU.
Meanwhile, the average freight rate between Shanghai and Rotterdam dropped by 1%, touching $3,050 per FEU, and in the reverse direction, the rate decreased by 3% to $767. On the transatlantic route between Rotterdam and New York, the freight rate fell by 1% westbound, standing at $2,224 westbound and remaining stable at $625 eastbound.
In routes between China and the United States, a divergence is observed between Shanghai and Los Angeles, where the average freight rate fell by 2% to $3,634 per FEU, and between Los Angeles and Shanghai, where it, conversely, increased by 1% to $693. The largest percentage drop was seen on the lengthy route between Shanghai and New York, where the freight rate decreased by 4% to $4,710. For the upcoming weeks, Drewry forecasts a slight decrease in spot rates across the Trans-Pacific, while expecting rate stabilization in Transatlantic and Asia-Europe trades.
