THE DREWRY World Container Index decreased by 5.1% to US$1404.38 per 40-foot container this past week and has dropped by 65% when compared with the same week last year.
The index is now 1% below than average 2019 (pre-pandemic) rates of US$1420.
The average composite index for the year-to-date is US$1747 per 40-foot container, which is US$932 lower than the 10-year average rates of US$2678.
Freight rates on Shanghai to Rotterdam nosedived 10%, or US$120, for two consecutive weeks and reached US$1052, which is lowest since Jun 2016.
Similarly, rates on Shanghai to New York fell 7%, or US$216, and stood at US$2684 per FEU.
Rates on Shanghai to Los Angeles have also dipped by 4%, or US$88, to reach US$2016 per 40-foot container.
Correspondingly, rates from Shanghai to Genoa followed the same pattern with a 3% decrease, or US$43, to US$1488 per 40-foot box.
On the contrary, trans-Atlantic rates have shown an upward trend, with Rotterdam to New York rates increasing by 2% and New York to Rotterdam rising by 1% to US$1564 and US$757 per FEU, respectively.
Additionally, rates from Rotterdam to Shanghai and Los Angeles to Shanghai remained the same at the previous week’s level.
Drewry anticipates East-West spot rates trend to remain close to current levels, overall, in the upcoming week, due to Chinese Golden Week holidays.
The Drewry WCI measures ocean freight rate movements of 40-foot containers in seven significant maritime trade lanes.
