Shipping rates are gradually recovering.

The latest data from the maritime market research platform Drewry shows that the composite World Container Index is $2,795 per 40-foot container, 97% higher than the 2019 (pre-pandemic) average of $1,420.

Sea freight rates on shipping routes have gradually recovered compared to the end of 2023 (Illustrative image).

The average composite index from the beginning of the year to date is $3,333 per 40-foot container, which is $626 higher than the 10-year average of $2,707 (this increase was particularly significant due to the Covid-19 period of 2020-2022). Meanwhile, at the end of 2023, this index was approximately $1,747 per 40-foot container.

According to research by the Transport Newspaper, freight rates on many routes have increased compared to the end of 2023. Specifically, freight rates on the Shanghai - New York route are currently around $4,710/foot. Rates from Rotterdam to Shanghai are approximately $767/40-foot container. Rates from Shanghai to Los Angeles are approximately $3,634/40-foot container. Compared to the end of 2023, these rates are $2,881, $1,633, and $1,959 respectively.

Drewry anticipates a slight decline in spot trans- Pacific freight rates, while transatlantic and Eurasian rates are heading towards stability in the coming weeks.

Rising global shipping rates have led to increased freight rates in the Vietnamese shipping market.

According to a shipping company, the domestic shipping market, which was not previously significantly affected by global freight rates, has gradually recovered recently.

Currently, sea freight rates on the Hai Phong – Ho Chi Minh City route have increased by approximately 20-30% compared to the end of 2023.

"The post-Tet holiday goods market has gradually recovered, making things easier for transportation businesses. In addition, some companies have withdrawn ships from domestic routes to focus on international markets, causing a decrease in domestic ship supply and pushing freight rates up," this business said.

This is clearly demonstrated by statistics from the Vietnam Maritime Administration, which show that the volume of goods handled through seaports in the first three months of 2024 is estimated at over 186 million tons, an increase of approximately 8% compared to the same period in 2023.

The recovery in sea freight rates is also reflected in the listed prices of shipping companies. According to the listed prices of some shipping companies as of the beginning of 2024, the Hai Phong - Ho Chi Minh City route is currently charging 5-9.5 million VND/20-foot container and 7-13.5 million VND/40-foot container.

Conversely, for the Ho Chi Minh City - Hai Phong route, the listed freight rates range from approximately 3.5-8.5 million VND/20-foot container and 5.5-12.5 million VND/40-foot container.

Meanwhile, at the end of 2023, some shipping companies listed freight rates as low as 150,000 VND/20-foot container and 3.6 million VND/40-foot container on the Hai Phong - Ho Chi Minh City route.

In reality, according to experts, the listed price does not reflect the actual price that shipping companies sign with customers. This is because shipping companies have different policies for each customer, depending on whether they are loyal customers or occasional customers. Most shipping companies do not disclose the actual freight rates for reasons of business confidentiality.

Source: https://www.baogiaothong.vn/cuoc-van-tai-bien-dan-phuc-hoi-192240418184428725.htm