DREWRY’S composite World Container Index increased by 0.9% this past week to US$1488.13 per 40-foot container.
However, compared with the same week in 2022, the index has dropped by 78.7%. It is now 86% below the peak of US$10,377 reached in September 2021.
It is 45% lower than the 10-year average of US$2686, indicating a return to more normal prices, but remains 5% higher than average 2019 (pre-pandemic) rates of US$1420.
The average composite index for the year-to-date is US$1786 per 40-foot container, which is US$901 lower than the 10-year average.
Freight rates on Rotterdam – New York dived 12% or US$234 to reach US$1769 per FEU.
Likewise, rates on Shanghai – Rotterdam dropped 4% or US$54 to US$1291 per 40-foot box.
Also, spot rates from Shanghai – Genoa and Los Angeles – Shanghai decreased 3% to US$1932 and US$846 per 40-foot container respectively.
Rates on Rotterdam – Shanghai declined slightly by 1% or US$7 and stood at US$537 per FEU.
Conversely, rates from Shanghai – Los Angeles rose by 9% or US$152 to US$1790 per 40-foot container.
Freight rates on Shanghai – New York strengthened 5% or US$125 to US$2715 per 40-foot container.
Drewry expects East-West spot rates to decline marginally on most routes in the next few weeks.
