Container spot rates surge while prices drop across major trade routes

Posted on August 1, 2024   |  

Container freight prices on major east-west deepsea routes seem to have peaked.

All three major indices showed single-digit declines due to reduced ship use in Asia.

On the transpacific Asia-North America route, rates fell significantly: Drewry’s WCI Shanghai-Los Angeles dropped 5% to $6,934 per 40ft, Xeneta’s XSI fell 6% to $7,322 per 40ft, and Freightos FBX decreased 4% to $7,738 per 40ft.

Prices on the Asia-North Europe route were stable or saw minor declines: WCI and XSI remained at $8,260 and $8,474 per 40ft, while FBX dropped 2% to $8,420 per 40ft.

Sources in Asia-Europe freight forwarding noted that space has become more available, suggesting lower demand or the impact of increased capacity.

The WCI’s Shanghai-Genoa route saw a 1% drop, ending at $7,645 per 40ft, and FBX’s Asia-Mediterranean route fell 3% to $7,508 per 40ft.

Most major carriers, except Yang Ming, have increased their capacity in the first half of the year.

MSC has expanded its fleet by about 400,000 TEU since January, bringing its total capacity to over 6 million TEU.