FBX July Summary

The FBX index began July at $4,508, rising sharply to $5,214 within the first week. It peaked at $5,218 on 9 July before a steady decline to the current level of $4,958. This is over 3.5 times higher than the average price a year ago, primarily due to ongoing disruptions in the Red Sea since the beginning of the year.

FBX01 – China/East Asia to US West Coast

FBX01 mirrored the overall index trend, starting July at $7,058 before a sharp increase led to a monthly high of $8,213 within two days, a 16% jump. By the end of July, the rate had declined to $7,163. However, this is still more than 450% higher than the end of July 2023. The forward curve for FBX01 showed slight increases by the end of the month: Q4 2024 at $6,900, Q2 2025 at $6,450, and Calendar 2025 at $6,350.

FBX02 – US West Coast to China/East Asia

FBX02 started July with an FEU spot price of $315, remaining stable until a $45 increase on 11 July. The rate closed the month at $336, a year-on-year decrease of $176. The forward curve for FBX02 showed declines: Q4 2024 at $430, Q2 2025 at $355, and Calendar 2025 at $363, representing discounts of $60, $63, and $37, respectively.

FBX03 – China/East Asia to US East Coast

FBX03 experienced a surge from $8,252 to $9,762 in the first half of July, maintaining this level throughout the month, with a current spot price of $9,740. This is the highest level since August 2022. Forward prices increased: Q4 2024 ended at $7,900 (up $100), Q2 2025 at $7,550 (up $450), and Calendar 2025 at $7,200 (up $350).

FBX11 saw a price spike in the first week of July, rising from $7,134 to $8,854, before settling at $8,633 in the first half of the month. It gradually declined to the current spot price of $8,234. Forward prices rose: Q4 2024 at $6,800, Q2 2025 at $6,600, and Calendar 2025 at $6,200.

FBX11 – China/East Asia to North Europe

FBX11 saw a price spike in the first week of July, rising from $7,134 to $8,854, before settling at $8,633 in the first half of the month. It gradually declined to the current spot price of $8,234. Forward prices rose: Q4 2024 at $6,800, Q2 2025 at $6,600, and Calendar 2025 at $6,200.

FBX12 – North Europe to China/East Asia

FBX12 experienced a decline from $645 to $631 in July, with a dip to $578 before recovering slightly. Forward prices fell: Q4 2024 at $665, Q2 2025 at $610, and Calendar 2025 at $585, down from $695, $640, and $615, respectively.

FBX13 – China/East Asia to Mediterranean

FBX13 saw a significant spike from $7,206 to a monthly high of $8,200 at the start of July, followed by a decline to $7,443 mid-month before rallying to $7,951 by the end of the month. This is a 400% increase compared to July 2023. Forward prices for FBX13 were $7,050 for Q4 2024, $6,300 for Q2 2025, and $6,000 for Calendar 2025, with decreases of $50, $600, and $150, respectively.

Overall Trends

Overall, rates increased significantly at the start of July due to early peak season congestion and limited box space. However, rates plateaued and in some cases declined towards the end of the month as new capacity became available. While Red Sea disruptions continue, rates are expected to remain higher than in previous years.

About Kieran Walsh, Commodity Broker, Freight Investor Services

Kieran is a commodity derivatives broker with expertise in swaps, futures and options. He joined FIS in June 2022 and is helping to lead their drive in the container FFA space. FIS is a leading, global commodity derivatives and physical broker specialising in freight and commodity markets. Kieran studied Economics at the Royal Holloway University of London. Contact Kieran at [email protected].



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