Drewry’s World Container Index has continued to decline, decreasing 5% to US$3849 per 40-foot container for the week of October 3.
The latest composite index is 66% below the previous pandemic peak of US$10377 in September 2021, but it is 146% more than the average 2019 (pre-pandemic) rate of US$1420.
The average composite index for the year-to-date is US$4097 per 40-foot container, which is US$1269 higher than the 10-year average rate of US$2828 (inflated by the exceptional 2020-22 Covid period).
Freight rates from Shanghai to Genoa decreased 9% or US$364 to US$3848 per 40-foot container. Similarly, rates from Shanghai to Rotterdam declined 8% or US$342 to US$3815 per feu.
Likewise, rates from Shanghai to Los Angeles dropped 4% or US$232 to US$5258 per 40-foot box. Also, rates from Shanghai to New York and Rotterdam to Shanghai fell 2% to US$5922 and US$590 per feu respectively.
Meanwhile, rates from New York to Rotterdam, Rotterdam to New York and Los Angeles to Shanghai remain stable.
Drewry expects increases in rates from China and Europe to the US East Coast in the coming weeks due to the ILA port strike.
