Container shipping continues to show signs of cooling in the fourth week of August 2024, a trend that began earlier in the month. According to the composite World Container Index released by Drewry on August 29, 2024, covering the fourth week of the month, the average spot rate for a 40-foot container now stands at $5,181, marking a three percent decrease from the previous week. Despite this drop, absolute values remain high: in 2024, the average cost per container has been $4,108, which exceeds the ten-year average of $2,809 by $1,299, although this figure has been significantly influenced by the exceptional period between 2020 and 2022 due to the pandemic.
Shipping rates between Shanghai and major European destinations, such as Rotterdam and Genoa, have decreased by 3%, settling at $7,204 and $6,611 per 40-foot container, respectively. Similarly, routes between Shanghai and the United States have seen declines: the rate to Los Angeles dropped by 2% to $6,248, while the rate to New York decreased to $8,591. The rate between New York and Rotterdam also experienced a similar decrease, falling to $743 per container.
On reverse routes, such as Rotterdam-Shanghai and New York-Shanghai, rates saw slight declines of 1%, reaching $622 and $1,908 per container, respectively. Interestingly, the rate for the Los Angeles-Shanghai route remained stable, despite concerns over a potential strike at U.S. West Coast ports.
