Ocean freight spot rates continue to surge

Shanghai-Rotterdam prices rose an average of $592 or 5% last week to reach $12,795 per feu – seven times their level a year ago – with similar rises on other major east-west lanes

Original article written by Will Waters, at Lloyd’s Loading List 

Ocean freight spot rates have continued to surge over the last week, with average rises close to 5% compared with the previous week across the eight major East-West trades assessed by container shipping specialist Drewry, and further rises expected this week.

According to the Drewry World Container Index (WCI), the composite index combining prices on those eight major East-West trades increased 4.7% or $397 last week, to $5,760 per 40ft container, which is four times (+333%) higher than a year ago and $3,716 higher than the five-year average of $2,044 per 40ft container.

Shanghai-Rotterdam prices rose an average of $592 or 5% last week to reach $12,795 per feu – seven times their level a year ago – with similar rises on other major east-west lanes. Freight rates from Shanghai to Genoa increased $852 (+7%) to reach $12,626 per feu.

Similarly on the transpacific, spot rates on Shanghai to Los Angeles soared 5% or $466 to stand at $9,631 for a 40ft container, which is more than three times (+229%) higher than the same period in 2020.

Meanwhile, transatlantic headhaul spot rates on Rotterdam to New York grew 7% or $328 to stand at $5,336 per 40ft box.

And average backhaul rates to China on both Rotterdam to Shanghai and Los Angeles to Shanghai grew 3%, to $1,740 and $1,326 per feu, respectively.

Drewry expects rates to increase further this week.

2021-07-19T20:50:32-04:00July 19th, 2021|Logistics Expertise|