Global Logistics Update: Week 47/2024

1. Global Container Freight Index

According to Drewry, the global container freight index for week 47/2024 decreased slightly to 3,413 USD/FEU, 140% higher than the pre-pandemic average of 1,420 USD in 2019.

1.1. Asia - North America Shipping Route
Freight rates from Asia to the U.S. West Coast saw a significant drop of 6.32% compared to the previous week, down to 4,740 USD/FEU. This decline is attributed to improved space availability as additional vessels are expected to be deployed by the end of November. Rates are expected to stabilize further with the General Rate Increase (GRI) set for early December.
Meanwhile, rates to the U.S. East Coast and Gulf Coast remained stable, with most services running at full capacity. Ongoing ILA negotiations and potential tariff actions continue to exert pressure on this shipping lane.

1.2. Asia - Europe Shipping Route

Freight rates from Asia to Northern Europe increased by 2.27% compared to the previous week, reaching 4,140 USD/FEU. Space is limited in the second half of November due to numerous vessel cancellations, and carriers are cutting capacity by 15-18%. The postponed GRI for November has shifted to December as carriers prepare for rate hikes.
The Shanghai Containerized Freight Index (SCFI) dropped by 29 USD/TEU this week, reflecting continued supply constraints and stable FAK rates for the second half of November.

1.3. North America - Asia Shipping Route

Rates from the U.S. West Coast to Asia fell by 2.92%, settling at 697 USD/FEU, showing stability compared to the previous month. This stability indicates that shipping demand is leveling off towards the end of the year.

1.4. Northern Europe - Asia Shipping Route

Freight rates from Northern Europe to Asia dropped slightly by 0.28%, down to 351 USD/FEU. This price reduction is attributed to the slowdown in shipping demand towards the year's end.

2. Statistical tables

3. Conclusion

Real Logistics notes that the global shipping market is experiencing significant rate fluctuations, particularly on major routes like Asia-North America and Asia-Europe. It is essential for exporters and importers to stay informed and adjust their logistics plans accordingly. With its expertise and robust capabilities, Real Logistics is committed to helping clients navigate these challenges by providing optimal shipping solutions that ensure safe and timely cargo delivery at competitive costs.

Week 47/2024 saw price fluctuations across several shipping routes, with some markets remaining stable. Real Logistics is proud to offer comprehensive logistics services, helping clients optimize their international shipping processes, particularly between Asia, North America, and Europe, with cutting-edge solutions and a highly experienced team.

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