The World Container Index released by Drewry shows that global container shipping freight rates have declined for seven consecutive weeks. Last week, the index assessed eight major trade routes between the U.S., Europe, and Asia, with freight rates falling by 1% to $1,899 per FEU (approximately €1,607). Compared to the same period last year, container shipping freight rates have dropped by 28%, primarily due to lower rates on Asia-Europe and trans-Pacific routes.

Specifically, the container shipping freight rate from Shanghai to Los Angeles decreased by 1% to $2,191 per 40-foot container (approximately €1,854), while the rate from Shanghai to New York remained stable at $2,771 (approximately €2,345). To balance supply and demand, shipping lines have announced the cancellation of nine port calls on east and west coast routes for next week, a reduction compared to the previous week. This is related to the gradual resumption of production at Chinese factories following the Lunar New Year holiday, and spot freight rates are expected to remain stable next week.

Regarding the Asia-Europe routes, the container shipping freight rate from Shanghai to Genoa fell by 2% to $2,826 (approximately €2,392), and the rate from Shanghai to Rotterdam dropped by 1% to $2,094 (approximately €1,772). As factories in Asia resume operations, shipping volumes typically rebound in March. However, due to increased capacity, spot freight rates may continue to face downward pressure. Drewry predicts that container shipping freight rates will moderate in the coming weeks, with market volatility expected to ease.