Latest Freight Index Update! US Route Rates Continue to Fall; Europe Route Sees a Pullback
The decline has widened, with consecutive drops over three weeks, pulling freight rates back to the starting point of the rally in mid - October. Among the four major ocean routes, freight rates rose only on the Mediterranean route while falling on the other three. Notably, the US West Coast route saw a relatively sharp decrease.
- Shanghai Containerized Freight Index (SCFI): 1,393.56 points
- Week - on - week change: -57.54 points (-4.0%)
- Drewry World Container Index (WCI): $1,852 per 40ft container
- Week - on - week change: $0 (0.0%)
Sources: Shanghai Shipping Exchange; Drewry World Container Index
Demand for shipments on the Europe route lacks momentum for further growth, leading to a decline in spot market booking prices. The freight rate (including ocean freight and maritime surcharges) for shipments from Shanghai Port to base ports in Europe stood at $1,367 per TEU, down 3.5% from the previous period.
The supply - demand fundamentals of the Mediterranean route are slightly better than those of the Europe route, resulting in a modest uptick in spot market prices. The freight rate (including ocean freight and maritime surcharges) for exports from Shanghai Port to base ports in the Mediterranean reached $2,055 per TEU, a 1.3% increase.
For North American routes, sluggish growth in shipping demand has caused freight rates to keep falling. The rate from Shanghai to the US West Coast dropped by 9.8% to $1,645 per FEU, while that from Shanghai to the US East Coast decreased by 8.3% to $2,384 per FEU, with a price gap of $739 between the two routes.
Meanwhile, as of November 21, the Drewry World Container Index (WCI) remained stable at $1,852 per FEU. However, there was a stark contrast in freight rates between the two core routes driving the index. Rates on the Trans - Pacific route plummeted, while those on the Asia - Europe route surged, creating an offsetting effect between the two.
Freight rates on the Trans - Pacific route have been declining for two consecutive weeks. The rate from Shanghai to New York fell by 10% to $2,922, and the rate from Shanghai to Los Angeles also dropped by 7% to $2,172.
Spot freight rates on the Asia - Europe route have increased for six consecutive weeks. The rate from Shanghai to Genoa rose by 6% to $2,319, and the rate from Shanghai to Rotterdam jumped by 8% to $2,193.
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