THE DREWRY World Container Index decreased week-on-week by 2.7% to $1494.46 per 40-foot container this past week.
The composite index has dropped by 78.9% when compared with the same week last year.
The index is now 86% below the peak of $10,377 reached in September 2021.
It is 44% lower than the 10-year average of $2688. This, Drewry said, indicates a return to more normal prices, but remains 5% higher than average 2019 (pre-pandemic) rates of $1420.
The average composite index for the year-to-date is $1809 per 40-foot container, which is $879 lower than the 10-year average ($2688 mentioned above).
Freight rates on Rotterdam – New York nosedived 17% or $556 to reach $2670 per FEU.
Additionally, rates on Shanghai – Los Angeles fell 4% or $61 to $1581 per 40-foot box, which is the lowest since May 2020.
And Shanghai – Rotterdam reached $1313 per 40ft box, which is lowest since Nov 2019.
Similarly, rates on Shanghai – Genoa slid 2% or $41 to $2034 per 40-foot container.
Freight rates on Shanghai – New York declined slightly by 1% or $35 to reach $2508 per FEU.
On the contrary, rates on Rotterdam – Shanghai inched up 1% or $5 and stood at $575.
However, rates from New York – Rotterdam remained stable at the previous week’s level.
Drewry expects East-West spot rates to decline on most routes in the next few weeks.
