According to Drewry’s World Container Index, container shipment prices increased 12% to $4,716 per 40ft container this week and have increased 181% when compared with the same week last year.
The latest Drewry WCI composite index of $4,716 per 40ft container is 232% more than average 2019 (pre-pandemic) rates of $1,420.
Spot freight rates by major route
Freight rates from Shanghai to Genoa increased 17% or $971 to $6,664 per 40ft container. Similarly, rates from Shanghai to Rotterdam increased 14% or $762 to $6,032 per container. Likewise, rates from Shanghai to Los Angeles increased 11% or $585 to $5,975 per 40ft box. Also, rates from Shanghai to New York rose 6% or $379 to $7,214 per 40ft box. Conversely, rates from Rotterdam to Shanghai decreased 5% or $35 to $642 container. Also, rates from Rotterdam to New York dropped 4% or $86 to $2,136 per 40ft container. Meanwhile, rates from Los Angeles to Shanghai and New York to Rotterdam remain stable. Drewry expects freight rates ex-China to continue rising next week due to the onset of the early peak season.
According to Statista, container freight rates oscillated dramatically between January 2023 and March 2024. Freight rates slumped to their lowest level on the 26th of October 2023, when the going rate for a 40-foot container was only 1,342 U.S. dollars. Since then, the global freight rate has gradually increased, hitting over 3,900 U.S. dollars in February 2024, the highest value on record, before decreasing slightly in March and April with a slight rise in May.
