Global container freight rates experienced a decline this week, according to Drewry’s World Container Index. The composite index fell by 3% to $2,541 per 40ft container, marking the lowest point since January 2024. This figure is significantly lower, by 76%, than the peak of $10,377 reached in September 2021, during the pandemic’s height.
Despite the recent drop, current rates remain substantially higher than pre-pandemic levels. The index is still 79% above the 2019 average of $1,420. The year-to-date average of $3,289 per 40ft container also exceeds the 10-year average of $2,883, which is notably inflated by the extraordinary shipping demand and rates seen during the 2020-2022 COVID-19 period.
Key Route Changes:
- Eastbound Transpacific: Rates from Shanghai to Los Angeles decreased by 9% ($311) to $3,166 per 40ft container, while Shanghai to New York rates fell by 6% ($273) to $4,320.
- Transatlantic: Rotterdam to Shanghai rates saw a 4% ($20) decline to $483, and Rotterdam to New York rates dropped by 1% ($15) to $2,359.
- Other Routes: Conversely, Shanghai to Rotterdam rates increased by 2% ($50) to $2,636, and New York to Rotterdam rates rose by 1% ($10) to $845. Rates on the Shanghai to Genoa and Los Angeles to Shanghai routes remained stable.
Outlook:
Drewry anticipates a continued downward trend in freight rates in the coming week, driven by increased shipping capacity.
