thi-truong-van-tai-va-logistics-quoc-te-tuan-512024-xu-huong-gia-cuoc-container.webp

1. Market overview

Continuing the analysis from Week 50/2024, this Week 51/2024 article delves further into container freight rates. This week saw significant fluctuations in the global container shipping market. According to Drewry's latest report, the global container freight index surged by 8% compared to the previous week, reaching $3,803/FEU. This price is a substantial 168% higher than the 2019 pre-pandemic average ($1,420/FEU), signaling strong recovery and growth in global logistics.

Drewry’s World Container Index Week 51/2024

2. Major shipping routes

2.1. Asia - North America Route

In Week 51/2024, shipping rates from Asia to the US West Coast increased by 11% from the previous week, reaching $4,440/FEU. However, this price is still down 8.42% compared to last month. Carriers successfully implemented a General Rate Increase (GRI) on December 15 and are expected to further increase rates with a Peak Season Surcharge (PSS) in January 2025.

Capacity utilization on this route held steady at 92% in December and is forecasted to rise to 97% in January 2025. However, more sailings may be canceled due to Lunar New Year impacts and network adjustments. Currently, equipment availability at Asian ports is stable, allowing for smooth transport operations.

asia-north-america-freight-rate-update-week-51-2024-10.webp — Asia-North America Freight rate | Week 51/2024

2.2. Asia - Europe Route

Freight rates from Asia to Northern Europe remained stable in Week 51/2024, with a slight increase of 0.85% compared to the previous week, reaching $5,085/FEU. Compared to last month, rates increased by 22.21% due to a slight rise in transport demand during the end-of-year holiday season, which has kept the Shanghai Containerized Freight Index (SCFI) stable.
However, equipment shortages persist sporadically at major Chinese ports, though manageable. Shippers may consider premium services from carriers to ensure timely deliveries.

asia-north-europe-freight-rate-update-week-51-2024-10.webp — Asia-Northern Europe Freight rate | Week 51/2024

2.3. North America - Asia Route

Shipping rates from the US West Coast to Asia increased by 2.07% in Week 51/2024, reaching $691/FEU. Compared to last month, rates have slightly decreased by 1.57%, reflecting modest volatility in transport demand in this region.

north-america-asia-freight-rate-update-week-51-2024-10.webp — US West Coast - Asia Freight rate | Week 51/2024

2.4. Northern Europe - Asia Route

Shipping rates from Northern Europe to Asia saw a slight uptick, reaching $346/FEU in Week 51/2024, a 0.58% increase from the previous week. However, rates are down 1.42% compared to last month, showing relative stability in transport transactions.

north-europe-asia-freight-rate-update-week-51-2024-10.webp — Northern Europe - Asia Freight rate | Week 51/2024

3. Real Logistics' insights

Week 51/2024 marked strong growth in the global container freight rate index, particularly on the Asia - North America and Asia - Europe routes. Post-pandemic recovery, along with capacity adjustments and rate policies, has revitalized the container shipping market. However, with factors such as Lunar New Year impacts and network issues, the market may continue to experience shifts in the near future.

Real Logistics is committed to supporting businesses by providing timely market updates and optimal transport solutions, helping clients seize opportunities within the global supply chain.