London – Spot container rates from Shanghai to Los Angeles have risen more than 30% in the past three weeks.

According to container rate tracker Drewry, average rates from China to the U.S. West Coast sit at $4,829 per 40-foot container, representing around a $1,300 increase since Dec. 12. Rates from Shanghai to New York have also seen significant gains since then, rising around 25%. They currently sit at $6,445.

Average rates across all routes are 175% higher than the pre-pandemic 2019 average of $1,420. For the entire year of 2024, rates were an average of $3,905, which is around $1,040 higher than the 10-year average of $2,865 (inflated by the exceptional 2020-22 COVID period).

Drewry expects rates on the Transpacific trade to rise in the coming week, driven by front-loading ahead of the looming ILA port strike this month and the anticipated tariff hikes under the incoming Trump Administration.

Container blog LinerLytica said carriers are in a stronger position than they were a few months back.

“2024 is set to be the most profitable year for container shipping companies outside of the COVID windfalls in 2021/22 despite recording the highest level of new containership deliveries in the past 60 years,” it wrote. “The healthy earnings is due to the impact of the Red Sea diversions that have absorbed most of the 2.94 million TEU of new capacity that was delivered in the past 12 months, keeping both the freight and charter market at elevated levels.

“Freight rates continue to enjoy a strong run at the end of the year, with Asia-Europe rates holding on to their recent gains while Transpacific rates staged a strong year-end rally to recover their earlier losses since October. The timely market boost puts carriers on a stronger footing in their annual contract rate negotiations, with carriers able to secure marginal increases against last year’s contract rates.”

See also:

• Spot container rates surge 26% to LA
• Leading ocean carrier announces surcharges if East Coast port strike occurs

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