In a notable shift, the World Container Index data released by Drewry on July 25, 2024, reveals the first decrease in container shipping rates between China and Europe after a prolonged period of increases. The index indicates a one percent drop in rates from Shanghai to Genoa. Conversely, transatlantic rates are on the rise, while Pacific routes show mixed trends depending on the direction, with a significant decline noted for shipments from China to the United States. The composite index, which aggregates all routes, fell by two percent to $5,806 per FEU (Forty-foot Equivalent Unit).
In Europe, the spot rate for shipping a 40-foot container from Shanghai to Genoa decreased by one percent over the week, settling at $7,645. The rate from Shanghai to Rotterdam dropped slightly by seven dollars to $8,260, while the reverse route saw a decrease of three dollars to $627.
Transatlantic routes are witnessing an increase in spot rates. The most notable rise is observed in shipments from New York to Rotterdam, which surged by four percent to $736 per FEU. Rates for shipments from Rotterdam to New York saw a more modest increase of one percent, reaching $1,954 per FEU.
Shipments between China and the United States display contrasting trends. Spot rates from China to America have declined: down five percent from Shanghai to Los Angeles (to $6,934 per FEU) and four percent from Shanghai to New York (to $9,213). Conversely, rates from Los Angeles to Shanghai have seen a slight increase of one percent, now at $706 per FEU.
