Ocean freight spot rates continue to rise

Average spot ocean freight rates have continued to rise this week on all the main East-West trades, according to an analysis by Drewry.

In its latest World Container Index freight rate assessments on eight major East-West trades, the ‘composite index’ of the eight trades combined is 6.1% this week and twice the level – up 104.9% – when compared with the same period of 2019.

Average prices from Shanghai to Genoa surged 26% this week to $2,790 per 40ft box, with Drewry’s composite index of eight major east-west trades up 6.1% to twice its level in 2019

According to Drewry, average spot freight rates from Shanghai to Genoa surged 26% or $572 to touch $2,790 per 40ft box. Also, Shanghai to Rotterdam rates increased by 7% – an increase of $153 to $2,287 per feu. 

Rates on Shanghai to Los Angeles nudged up by 2% to stand at $3,922 per 40ft container. Similarly, rates from Shanghai to New York strengthened 3% – a change of $127 and reached at $4,716 per feu. Spot rates from Rotterdam to Shanghai climbed 4% or $55 to touch $1,294 per 40ft container.

The average composite index of the WCI, assessed by Drewry for year-to-date, is $1,802 per 40ft container, which is $371 higher than the five-year average of $1,431 per 40ft container.

Drewry expects rates to remain steady in the coming week.

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