Where Are All the Containers? November 2024

To read the full report with information, prices and hot shipping routes, download WAATC November here.

No time to read the full report? Check out our short version below for an analysis of the latest trends and prices.

Asia

Overview of container leasing rates

Our data reveals that the average container leasing rate for a 40ft high cube container from Shanghai to New York was $640 in November, while the rate from Shanghai to Los Angeles reached $700.

China’s key ports face delays following Typhoon Kong-Rey

China’s major ports—Shanghai, Ningbo, and Kaohsiung—are grappling with significant congestion in the aftermath of Typhoon Kong-Rey, which struck Taiwan on October 29. Congestion at North Asian ports surged at the beginning of November, with vessel queues increasing significantly in the Taiwan Straits and Shanghai/Ningbo due to the adverse weather conditions. Although the backlog may be resolved in the coming days, additional delays are likely as disrupted schedules persist.

The ISC and ME

Container price trends

The average price of a cargo-worthy 20ft container in India is $1,080 as of November 2024, reflecting a slight increase from $1,053 in October.

Export crunch spurs container lines in India to get creative

A mounting shortage of cargo is pushing container lines operating on Indian routes to adopt innovative strategies to attract higher volumes and optimize vessel utilization. CMA CGM, a major carrier on Indian trade lanes, introduced discount vouchers to encourage bookings on its spot platform.

Europe

Average container prices

Our data reveals that as of November 2024, the average price for a cargo-worthy 40ft container at European ports is $1,153, with the highest prices in Bremen and the lowest in Antwerp.

European shippers push for adjustable rates in 2025 contracts

The Red Sea will be a key focus for European importers as they enter 2025 contract negotiations with ocean carriers. While detours around the Cape of Good Hope have become a standard shipping routing strategy, a return to the Red Sea or Suez Canal transits could be on the horizon next year. This shift could drive rates down quickly as vessel capacity may exceed demand.

In the last week of October, rates on North Asia to North Europe climbed to $4,100 per FEU, a 21% increase from the previous week and 230% surge compared to the same period last year.

The US

Container price overview

As of November 2024, the average price of a cargo-worthy 40ft container on the US West Coast is $1,565, while prices are lower on the US East Coast, averaging $1,110 in New York.

How Trump’s return could reshape the US container market

Donald Trump’s victory in the US Presidential Election is sending ripples through the container shipping industry, with the US container trade sector anticipating both new opportunities and challenges. Policy shifts, including higher tariffs and stricter trade regulations, could boost domestic demand, but also add inflationary pressures on imports and possibly tighten domestic container availability.

Key ports on Canada’s West Coast, including Vancouver and Prince Rupert, shut down due to a strike by the International Longshore and Warehouse Union (ILWU) Local 514, halting container and cargo operations.

Get your copy of the full report, download WAATC November here.