DREWRY’S World Container Index took another steep tumble this past week.
The composite index decreased 8% to US$4775 per 40-foot container on 5 September.
The index is now 54% below the previous pandemic peak of US$10,377 in September 2021, but it is 236% more than the average 2019 (pre-pandemic) rate of US$1420.
The average composite index for the year-to-date is US$4127 per 40-foot container, which is US$1313 higher than the 10-year average rate of US$2814 (inflated by the exceptional 2020-22 covid period).
Freight rates from Shanghai to Rotterdam plunged 14% or US$985 to US$6219 per 40-foot container. Likewise, rates from Shanghai to Genoa declined 12% or US$769 to US$5842 per FEU.
Similarly, spot rates from Shanghai to Los Angeles slid 3% or US$218 to US$6030 per 40-foot box.
In the same way, rates from Shanghai to New York and Rotterdam to Shanghai decreased 2% to US$8451 and US$612 per 40-foot container, respectively.
Likewise, spot rates from New York to Rotterdam dropped 1% or US$11 to US$732 per FEU.
Conversely, rates from Rotterdam to New York increased 16% or US$304 to US$2212 per 40-foot box.
Likewise, spot rates from Los Angeles to Shanghai inched up 1% or US$4 to US$714, per 40-foot container.
Drewry said that despite the looming threat of an ILA (International Longshoremen’s Association) port strike, transpacific Eastbound freight rates have seen a slight dip again this week.
Drewry expects Asia-Europe rates to decline in the upcoming weeks.
