THE DREWRY World Container Index fell by 2% to US$1716.85 per 40-foot container this past week.
The composite index has dropped by 79% when compared with the same week last year and is now 83% below the peak of US$10,377 reached in September 2021.
The index is now 36% lower than the 10-year average of US$2690, which Drewry believes indicates a return to more normal prices.
However, it remains 21% higher than average 2019 (pre-pandemic) rates of US$1420.
The average composite index for the year-to-date is US$1917 per 40-foot container, which is US$751 lower than the 10-year average.
Rates on Shanghai – Los Angeles decreased by 6% or US$122 to settle at US$1775 per 40-foot box.
Freight rates on New York – Rotterdam fell 5% to US$1097 per 40-foot container.
Likewise, rates on Shanghai – New York dipped 4% or US$104 to US$2494 per FEU.
Rates on Rotterdam – New York slid 2% to US$4978 per 40-foot box.
Rates on Shanghai – Rotterdam and Los Angeles – Shanghai contracted 1% each to US$1479 and US$1069 per 40-foot container, respectively.
However, rates on Shanghai – Genoa inched up by 2% to US$2285 and those on Rotterdam – Shanghai by 1% to US$693 per FEU.
Drewry expects small week-on-week reduction in rates in the upcoming weeks.
