LONDON – Spot container rates rose overall this week but fell sharply to the U.S. West Coast.
According to rate tracker Drewry, rates increased 6% to an average of $3,533 per 40-foot container. The increase was driven by rates hikes from China to Genoa, Italy and to Rotterdam, Netherlands, which climbed 22% and 19%, respectively. Overall, rates remain 149% higher than their 2019 pre-pandemic average of $1,420.
From Shanghai to Los Angeles, however, rates fell 12% to $3,719. Rates from Shanghai to New York remained stable at $5,160.
Drewry expects an increase in rates on the Transpacific trade in the coming week due to the looming ILA port strike in January 2025 and the anticipated rush to ship goods before the strike begins.
According to container rate blog LinerLytica, rates are still on track to rally in December, despite continued weakness on the Transpacific route.
Another event that could increase rates is companies opting to increase their shipments in order to beat potential tariffs under the Trump Administration.
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