The World Container Index, released by Drewry on May 2, 2024, confirms a slight recovery trend in the spot freight rates for container shipping between Asia and Europe, a trend that emerged the previous week following a period of decline. The most significant percentage growth was seen on the Shanghai to Genoa route, with a 3% increase, raising the average freight to $3,717 per forty-foot equivalent unit (FEU). The cost to transport a 40-foot container from Shanghai to Rotterdam increased by 2% to $3,103, while the rate for the reverse direction decreased by 1% to $739.
Other routes maintained stability: a zero weekly growth was noted on routes from Los Angeles to Shanghai ($700), Shanghai to New York ($4,362), New York to Rotterdam ($625), and Rotterdam to New York ($5,210). A slight decrease of 1% was observed on the Shanghai to Los Angeles route, bringing the freight to $3,371. These movements brought about a 1% increase in the composite index to $2,725.
It is also interesting to analyze the annual performance of spot freight rates, comparing the last week of April 2024 with that of April 2023. On routes departing from China, Drewry's data shows an increase across all considered routes: Shanghai to Rotterdam (+89%), Shanghai to Genoa (+67%), Shanghai to Los Angeles (+85%), and Shanghai to New York (+55%). In contrast, on the reverse routes, the situation varied, with an increase of 24% on the Rotterdam to Shanghai route and a decrease of 31% on the Los Angeles to Shanghai route. On the transatlantic route between Rotterdam and New York, the average annual spot freight has decreased by 54% westbound and 32% eastbound.
