Spot box rates rebound strongly, reaching pre-pandemic levels

Posted on May 14, 2024   |  

Drewry's recent analysis indicates a notable increase in spot box rates, marking significant growth compared to the onset of the COVID-19 pandemic.

The latest release of Drewry's World Container Index on May 9th reveals a sharp 16% surge, reaching $3,159 per 40-foot container, representing an 81% rise from the same period last year.

Year-to-date, the average composite index stands at $3,227 per 40-foot container, surpassing the 10-year average by $512, which was influenced by the COVID-19 period spanning 2020-2022.

Freight rates from Shanghai to Rotterdam saw a substantial 20% increase, totaling $3,709 per 40-foot container, while rates from Shanghai to Los Angeles rose by 18%, reaching $3,988 per FEU.

Costs for shipments from Shanghai to Genoa and Shanghai to New York also experienced a significant uptick, rising by 16% to $4,295 and $5,089 per 40-foot container, respectively.

Conversely, charges from New York to Rotterdam saw a minor 1% increase, amounting to $629 per container, whereas prices from Rotterdam to New York declined by 2% to $2,160 per 40-foot box.

Rates from Rotterdam to Shanghai also decreased by 6%, totaling $695 per FEU, reflecting varying trends in different shipping routes amidst the prevailing market conditions.