Container freight rates on the increase as year starts
Spot container rates were on the rise in the final days of 2024 and start of 2025 as a possible US East Coast port strike looms and the threat of tariffs from incoming US President Trump.
The Drewry World Container (WCI) posted on 2 January was up 3% at $3,905 per feu driven by the transpacific trade to both US West and East Coasts from Asia. Meanwhile the Shanghai Containerized Freight Index (SCFI) was up 1.8% on 3 January 2025 over 27 December 2024 at 2,505.7 points.
According to Drewry spot rates from Shanghai to Los Angeles increased 7% or $330 to $4,829 per 40ft container, and Shanghai to New York rose 6% or $371 to $6,445 per feu.
By contrast on the Asia – Europe trade Shanghai to Rotterdam rates were down 1% at $4,774 per feu and rates from Shanghai – Genoa were flat at $5,420 per feu.
Looking ahead Drewry said it, “expects rates on the Transpacific trade to rise in the coming week, driven by front-loading ahead of the looming ILA port strike in January 2025 and the anticipated tariff hikes under the incoming Trump Administration”.
It also coincides with a traditional increase in activity in the weeks ahead of the Lunar New Year at the end of January.
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