What’s happening in November?
Report overview
Asia: 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.
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.
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The US: 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.
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.
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Europe: 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.
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.
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The ISC and ME: 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.
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.
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Where does the data for our monthly reports come from?
For our monthly ‘Where are all the containers’ reports, we leverage the data from the transactions taking place on our xChange marketplace + third-party analyses and industry news to bring you:
xChange Insights
Insights gives you real-time market prices in 60 locations. It helps define the best locations and time trading containers, gives you price changes, and analysis of the current trends.
Container Availability
The CAx is a tool for monitoring the import and export moves of full containers. In this report, we show CAx trends for 40 DC (of which 55% are 40 HC; the most popular container for freight use).
Container Leasing Rates
We analyze pick-up charges only for popular stretches that we can account for, like China to the US, Europe to China; and more.
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