In November 2025, the Chinese export container shipping market continued its steady and improving trend. In the first half of the month, freight rates on most long-haul routes remained on an upward trajectory; in the second half of the month, however, different routes showed diverging trends due to varying supply-and-demand fundamentals. The monthly average value of the China Export Container Freight Index released by the Shanghai Shipping Exchange was 1,099.20 points, up 9.9% from the previous month's average. The monthly average value of the Shanghai Export Container Composite Index, reflecting the spot market, was 1,435.79 points, up 5.9% from the previous month's average.

1. Port container throughput continues to grow steadily, and ship leasing market rents remain generally stable

① In October 2025, China’s container throughput maintained steady growth compared to the same period last year, and operations at major ports remained robust. According to statistics, nationwide ports handled 29.97 million TEU of container throughput in October, an increase of 7.3% over the same period last year. Among them, coastal ports processed 26.40 million TEU, up 8.0% year-on-year; inland river ports handled 3.58 million TEU, up 2.9% year-on-year.

② The container charter market generally remained stable, with rental rates for smaller vessels experiencing a slight increase, while rental rates for larger vessels stayed unchanged from the previous period. According to Clarkson’s statistics, in November, rental rates for 1,000 TEU, 1,700 TEU, 4,250 TEU, 6,500 TEU, and 9,000 TEU vessels rose by 0.6%, 1.8%, remained flat, remained flat, and remained flat, respectively, compared to the previous month.

2. European and Asian Freight Rates Grow Steadily

For Europe-bound routes, overall shipping demand remains stable, and the supply-demand fundamentals remain solid. In the first half of the month, market freight rates continued to rise; in the second half of the month, spot-market booking rates began to fluctuate within a certain range. In November, the average freight rate indices for China’s exports to Europe and the Mediterranean routes were 1,413.20 points and 1,635.58 points, respectively, up 9.3% and 9.5% from the previous month’s averages. The average freight rates for spot-market shipments from Shanghai Port to major European and Mediterranean ports were US$1,378 per TEU and US$2,086 per TEU, respectively, representing month-on-month increases of 14.8% and 20.6%, respectively.

3. North American Market Begins to Adjust

North American routes: After positive news, the shipping market has stabilized. Transport demand lacks further momentum for growth, and spot market rates are mainly characterized by adjustments. In November, the average freight rate indices for exports from China to West Coast and East Coast of the U.S. were 838.30 points and 952.84 points, respectively, up 11.3% and 8.2% from the previous month's averages. The average freight rates from Shanghai Port to major ports on the U.S. West Coast and East Coast, reflecting the spot market, were US$1,828/FEU and US$2,565/FEU, respectively, down 10.9% and 12.9% month-on-month.

4. Red Sea Freight Rates Stop Falling and Rebound

Red Sea route: Transportation demand sees a slight rebound, and the supply-demand balance improves, driving a significant rebound in market freight rates. In November, the average value of China’s export freight rate index for the Red Sea route was 1197.42 points, up 29.4% from the previous month’s average.

5. The Australia-New Zealand market shows steady improvement

Australia-New Zealand route: Transportation demand grew steadily, and market conditions remained stable with an upward trend. In November, the average value of China’s export freight rate index for the Australia-New Zealand route was 1,224.61 points, up 11.5% from the previous month’s average.

6. Freight rates to Japan rose slightly

For Japan routes, overall shipping demand remained stable, and market freight rates saw a slight increase. In November, the average value of the China-to-Japan shipping rate index was 972.80 points, down 0.7% from the previous month's average.

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