On Gateway
By the Numbers
An extensive , multi-channel , interactive freight shipping dashboard can be found at www . joc . com / gateway / about .
Global container spot rates slip as Red Sea diversions ease
Platts global container rate as measured by USD per FEU
USD per FEU
$ 7,471 $ 7,000
$ 6,000 $ 5,000 $ 1,000 4,000
L
$ 3,000 $ 2,000 $ 1,000
$ 0 L 2021
2022 2023 Sep , 2023
Platts Global Container Index
Source : Platts , S & P Global © 2024 S & P Global
On Gateway
Global container spot rates are already losing the short-lived momentum driven by Red Sea diversions . Rates surged 200 % in January and February but are already on the decline . For comparison , when US consumers drove record imports and US port congestion sapped functional vessel capacity during the COVID-19 pandemic , container rates rocketed more than 900 % between 2019 and the late-2021 peak , as measured by Platts . Track shipping rates globally and by major trade lanes on Gateway .
The Gateway ( www . joc . com / gateway ) is an online shipping dashboard of more than 140 continuously updated charts from S & P Global and identified external data sources organized by trade lane , mode and topic .
US truckload spot rates slip from year-to-date high
Weekly truckload spot rates per mile excluding fuel surcharges . The average contracted freight rates for dry-van transportation have continued to decline for the past six weeks , moving further from its year-to-date high of $ 1.74 per mile . The spot rate on March 2 , 2024 , was $ 1.56 per mile , a 0.6 % decrease from the previous week and a 9.3 % drop from the same period last year , according to DAT Freight and Analytics .
$ 1 . 80 $ 1 . 75 $ 1 . 70 $ 1 . 65 $ 1 . 60
|
$ 1 . 55
$ 1 . 50
1- A p r - 23
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29- A p r - 23 |
27- M a y - 23 |
24- J u n - 23 |
22- J u l - 23 |
19- A u g- 23 |
16- S e p - 23 |
14- O c t - 23 |
11- N ov - 23 |
9- D e c - 23 |
6- J a n - 24 |
D own 9 % f r om M a r ch 2023
3- F e b - 24
2- M a r - 24
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Source : DAT Solutions © 2024 S & P Global
Drewry Hong Kong – Los Angeles Spot Rate Benchmark
The rate shown here is in US dollars and excludes terminal-handling charges in Hong Kong . Drewry tracks spot rates on 600-plus global lanes including Hong Kong – Los Angeles by surveying non-vessel-operating common carriers ( NVOs ) and also tracks contract rates on 8,000-plus lanes via its BCO Benchmarking Club .
CONTINUES TO DECREASE : The March 13 , 2024 , average spot market rate from Hong Kong to Los Angeles of $ 3,869 per FEU was down $ 212 ( 5.2 %) from the prior week but up $ 2,731 ( 240.1 %) year over year . The March 13 , 2024 , average spot rate was down $ 1,381 ( 26.3 %) from the 2024 calendar year high set in the last week of January .
$ 6,000 $ 5,000 $ 4,000 $ 3,000 $ 2,000 $ 1,000
Rate per 40-foot box PERCENT CHANGE : Year-over-year Week-to-week
High : $ 8,585 03 / 02 / 2022 Low : $ 623 04 / 25 / 2016
500 400 300 200 100 0
$ 0 10 / 19 / 2022
Source : Drewry ’ s Container Freight Rate Insight
- 100
03 / 13 / 2024
© 2024 S & P Global
50 Journal of Commerce | March 25 , 2024 www . joc . com