Spot prices for containers outside Asia split sharply this week, with prices on routes to North America falling while lanes between Asia and Europe continued to rise.
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Trans-Pacific rates have resumed their decline after last week’s brief rise, with Drewry’s latest World Container Freight Index (WCI) reflecting similar trends previously seen in the Shanghai Container Freight Index (SCFI). WCI’s Shanghai-Los Angeles price fell 12% to $2,328 per 40 feet, while Shanghai-New York fell 15% to $3,254 per 40 feet.
If the SCFI continues to act as a leading indicator, more pressure could come. Today’s SCFI reading for the base port of Shanghai – US West Coast fell another 18% week over week to $1,823 per 40 feet, while the Shanghai – US East Coast rate fell 9% to $2,600 per 40 feet.
Freight carrier True Freight reported similar levels, noting that West Coast China-US rates were between $1,700 and $1,750 per FEU, while East Coast China-US lines were down to $2,500 and $2,700. The difference between the carriers’ “special” discounted rates and their official published rates has now narrowed to about $100 per FEU.
True Freight expects the downward trend to continue unless booking volumes recover.
“USWC and USEC interest rates are trending toward September-like levels,” she said. “An attempt to launch the GRI in December is possible, but without stronger demand it is likely to be short-lived.”
Many carriers currently have overhead increases planned for December 1, ranging from $1,000 to $3,000 per FEU depending on the line. Meanwhile, transatlantic trade also declined, with WCI prices falling 2% to $1,633 per FEU – about 25% below typical historical levels and one of the lowest levels since late 2023.
But the routes between Asia and Europe moved in the opposite direction. New increases in FAK (Freight of All Kinds) helped push spot rates higher, with Shanghai-Rotterdam rising 3% to $2,038 per 40 feet – the first time they have exceeded $2,000 since early September. The Shanghai-Genoa price rose 4% to $2,193 per 40-ft.
Carriers in the Asia-Europe trade are aggressively pushing spot rates ahead of annual contract negotiations, with new FAK levels of between $3,000 and $3,650 per FEU set to take effect on November 15, Drury noted.
It looks like these pricing moves will continue. MSC has announced a new round of FAK increases between Asia and Europe effective December 1: $3,100 per FEU to Northern Europe – representing a 50% increase in just two weeks – plus $3,950 to the Western Mediterranean and $3,800 to the Eastern Mediterranean. If successful, these amendments will lead to a doubling of current spot prices in Asia and the Mediterranean.
