DREWRY’S World Container Index continued its decline this past week, dropping 4% to US$3095 per 40-foot container on 24 October.
The composite index is now 70% below the previous pandemic peak of US$10,377 in September 2021, but 118% more than the average 2019 (pre-pandemic) of US$1420.
The average YTD composite index is US$4036 per FEU, which is US$1200 higher than the 10-year average of US$2836 (inflated by the exceptional 2020-22 covid period).
Freight rates from Shanghai to Rotterdam decreased 7% or US$241 to US$3132 per FEU, while rates from Shanghai to New York decreased 6% or US$343 to US$5266 per FEU.
Those from Shanghai to Genoa fell 4% or US$142 to US$3,296 per FEU.
Likewise, rates from Shanghai to Los Angeles reduced 3% or US$127 to US$4814 per feu, whereas rates from Los Angeles to Shanghai shrank 1% or US$6 to US$710 per FEU.
Conversely, rates from Rotterdam to New York skyrocketed 28% or US$580 to US$2663 per FEU and those from New York to Rotterdam increased 4% or US$32 to US$761 per FEU.
Drewry expects rates (ex-China) to continue with their marginal decline in the coming weeks.
