DREWRY’S World Container Index is still falling.
The composite index decreased 5% this past week, to $3970 per 40-foot container on 19 September.
The figure is now 62% below the previous pandemic peak of $10,377 in September 2021, but it is 180% more than the average 2019 (pre-pandemic) rate of $1420.
The average composite index for the year-to-date is $4124 per 40-foot container, which is $1302 higher than the 10-year average rate of $2821 (inflated by the exceptional 2020-22 covid period).
Freight rates from Shanghai to Rotterdam plunged 9% or $470 to $4682 per 40ft container.
Similarly, rates from Shanghai to Genoa contracted 6% or $328 to $4928 per FEU. Likewise, rates from Shanghai to New York declined 4% or $297 to $6364 per 40ft box.
Also, spot rates from Shanghai to Los Angeles dropped 1% or $47 to $5580 per 40ft container. Conversely, spot rates from Rotterdam to New York increased 2% or $45 to $2056 per 40ft box.
Likewise, spot rates from New York to Rotterdam inched up 1% or $9 to $713 per FEU.
“While the looming ILA port strike casts a shadow, transpacific Eastbound freight rates have experienced a minor decline this week,” Drewry wrote.
“However, weak demand is expected to drive further decreases in East-West spot rates in the coming weeks.”
