Spot box rates surge to pre-pandemic levels

Spot box rates surge to pre-pandemic levels

Drewry has found that spot box rates are sharply rising with increases this month compared to the beginning of the COVID-19 pandemic.

Drewry’s World Container Index, released on 9 May, jumped 16 per cent to $3,159 per 40-foot container, an 81 per cent rise from the same week last year.

The average composite index for the year-to-date (YTD) is $3,227 per 40-foot container, $512 more than the 10-year average cost of $2,714 (which was inflated by the 2020-22 COVID period).

According to Drewry, freight rates from Shanghai to Rotterdam rose 20 per cent, or $606, to $3,709 per 40-foot container. Similarly, rates from Shanghai to Los Angeles rose 18 per cent, or $617, to $3,988 per FEU.

READ: Red Sea disruptions expected through Q2

Similarly, costs from Shanghai to Genoa and Shanghai to New York increased 16 per cent to $4,295 and $5,089 per 40-foot box, respectively.

Furthermore, charges from New York to Rotterdam increased by 1 per cent or $4 to $629 per container. Conversely, prices from Rotterdam to New York fell 2 per cent, or $50, to $2,160 per 40-foot box.

Likewise, rates from Rotterdam to Shanghai fell 6 per cent, or $44 to $695 per FEU.

While rates between Los Angeles and Shanghai remain steady, Drewry anticipates freight prices ex-China to rise further in the next week due to high demand and restricted capacity.

© Drewry

In June 2023, Sea-Intelligence reported the number of blank sailings is at its lowest since the COVID-19 pandemic began.

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