Global ocean freight spot prices stabilize

After months of sustained week-on-week rises, figures from Drewry indicate broadly flat pricing last week and initial figures from the Shanghai Shipping Exchange point towards little change in prices in the coming week – although rates remain at extraordinarily high levels

After months of sustained week-on-week rises, global ocean freight spot prices appear to be stabilising, with figures from Drewry indicating broadly flat pricing last week and initial figures from the Shanghai Shipping Exchange pointing towards little change in process in the coming week – although prices remain at extraordinarily high levels.

Drewry composite World Container Index, which combines its latest freight rate assessments on eight major East-West trades, decreased 0.4% this week, but it remains 201.7% up when compared with same period of 2020 – reflecting a threefold year-on-year rise in average global spot prices on the major East-West trades. The average composite index of the WCI, assessed by Drewry for year-to-date, is $5,256 per 40ft container, which is $3,628 higher than the five-year average of $1,628 per 40ft container.

Meanwhile, spot rates on Shanghai-Rotterdam weakened $197 to stand at $8,543 for a 40ft container – a rise of 311% compared with last year, or a more than fourfold increase in spot prices. And spot rates on Shanghai-Genoa increased $92 to $8,828 per feu, up 229%, year on year.

And Shanghai-Los Angeles and Shanghai-New York remained almost exactly the same, at $4,178 and $6,540 per feu, up 165% and 128%, year on year, respectively.

Elsewhere, spot rates on New York-Rotterdam gained $97 to come in at $743 for a 40ft container and those on Rotterdam-New York fell $29 to $2,254 for a 40ft box.

Drewry said it expects rates to remain stable this week.