Spot container rates were little changed this week from last week as shipping lines planned to raise rates in mid-November but apparently failed to do so.

The Drury World Container Index (WCI) freight rate on the Shanghai-Rotterdam route edged up 2% to close the week at $4,043 per 40 feet, while the Shanghai-Genoa route remained unchanged at $4,400.

Asian-european carriers and shippers have now begun their annual negotiations for the 2025 contract, with carriers keen to increase spot freight rates as much as possible (as a guide to contract freight levels), and the lack of movement this week will undoubtedly be disappointing.

Current rates for WCI Asia to Northern Europe are well below the levels targeted by some carriers on November 15: for example, MSC's new FAK rate for Asia to Northern Europe freight is $5,500 per 40 feet; CMA CGM has set a target rate of $5,700 per 40 feet for shipments from Asia to the Western Mediterranean.

But carriers may try again at the end of the month. MSC and Hapag-Lloyd have announced that new Asia-Europe FAK rates will be implemented on December 1, with MSC requesting freight rates of $6,300 per 40 feet from the Far East to Northern Europe, while Hapag-Lloyd is targeting $6,100 per 40 feet to Northern Europe and $6,400 to Western Mediterranean ports.

On a third-quarter earnings call with analysts yesterday, Hapag-Lloyd CEO Rolf Habben Jansen revealed that the few 2025 contracts that have been signed are higher than 2024 levels, and current spot prices are much higher than the corresponding levels at the same time last year, although he added, The date of signing the contract has been reduced for trade.

"It is still too early in the Far East contract season. Many negotiations have already begun, but most contracts won't be completed until the first quarter of next year.

"Certainly the ones that closed early, we did see rates go up. While not up to the level of attractions, rates are definitely up compared to before.

"Also, don't forget, many of last year's contracts ended before the Red Sea crisis, so our costs went up significantly," he added.

Spot prices also barely budged on trans-Pacific routes: WCI's Shanghai to Los Angeles route fell 2% week on week to close at $4,700 per 40 feet, while Shanghai to New York was unchanged at $5,222 per 40 feet.

One bright spot for container shipping lines is intra-Asian trade. Drury recently launched its bi-weekly Intra-Asia Spot Rate Index, which combines 18 routes, including North and Southeast Asia and China-Middle East/India routes, and today recorded a 45% increase in rates on these routes over the past two weeks to an average rate of $829 per 40 feet.

Delury said the increase was the result of a "pre-Christmas freight rush" and expected "this trend to continue into the next two weeks of November due to tight cabins, the traditional peak shipping season, empty flights and other factors".