DREWRY’S World Container Index decreased 7% this past week to US$3691 per 40-foot container.
The index is 4% below the previous pandemic peak of US$10,377 in September 2021, but it is 160% more than the average 2019 (pre-pandemic) rate of US$1420.
The average composite index for the year-to-date is US$4113 per 40-foot container, which is US$1288 higher than the 10-year average rate of US$2825 (inflated by the exceptional 2020-22 covid period).
Fright rates from Shanghai to Genoa decreased 15% or US$716 to US$4212 per 40-foot container. Similarly, rates from Shanghai to Rotterdam declined 11% or US$525 to US$4157 per FEU.
Likewise, rates from Shanghai to New York dropped 5% or US$336 to US$6028 per 40-foot box.
Also, rates from Shanghai to Los Angeles fell 2% or US$90 to US$5490 per FEU. Conversely, rates from New York to Rotterdam and Rotterdam to New York increased 1% to US$722 and US$2067 per 40-foot box, respectively.
Meanwhile, rates from Rotterdam to Shanghai and Los Angeles to Shanghai remain stable.
Drewry expects a continued decline in rates for Asia-to-Europe routes due to weaker demand.
Meanwhile, rates for trans-Atlantic and trans-Pacific Headhaul trade routes are expected to rise, driven by potential labour strikes and the impact of China’s Golden Week holiday.
