Following two consecutive weeks of sustained growth, average spot rates for container shipping between China and Europe have taken a sharp turn, with only a two percent weekly increase on the Shanghai-Rotterdam route and virtually no change (just a one-dollar increase per FEU) on the Shanghai-Genoa route. The rates reported in Drewry's World Container Index as of November 14, 2024, are $4,030 per FEU to Rotterdam and $4,400 per FEU to Genoa. Meanwhile, eastbound rates show a one percent drop between Rotterdam and Shanghai, settling at $521.
Rates on transatlantic and transpacific routes have also plateaued. The Rotterdam-New York route saw a one percent increase, reaching $2,658 per FEU, while the rate in the opposite direction fell by three dollars to $782 per FEU. Across the Pacific, the average rate from Shanghai to Los Angeles dropped two percent to $4,700, while the Shanghai-New York rate declined by eleven dollars to $5,222 per FEU. The rate between Los Angeles and Shanghai remained unchanged at $720.
The composite index confirms the overall stability of the market, with only a slight weekly decrease of four dollars, bringing it to $3,440 per FEU. However, Drewry analysts anticipate a potential increase in rates as early as next week due to surcharges announced by shipping companies starting in mid-November.
