THE DREWRY World Container index posted a weekly increase of 7% this past week, hitting US$1504 per 40-foot container.

However, the index has dropped by 46% when compared with the same week last year.

The latest WCI is now 6% more than average 2019 (pre-pandemic) rates of US$1420.

The average composite index for the year-to-date is US$1700 per 40-foot container, which is US$976 lower than the 10-year average rates of US$2676 (which was inflated by the exceptional 2020-22 covid period).

Freight rates on Shanghai to Rotterdam increased by 21% to US$1272 per 40-foot container.

Likewise, rates on Shanghai to Genoa swelled by 8% to US$1470 per 40-foot box.

Similarly rates on Shanghai to Los Angeles and Shanghai to New York increased by 5% and 2% to US$2287 and US$2661 per FEU, respectively.

Conversely rates on New York to Rotterdam decreased by 8% to US$602 per 40-foot container.

Likewise, rates on Los Angeles to Shanghai dropped by 2% to US$769 per FEU.

Similarly, rates on Rotterdam to Shanghai and Rotterdam to New York decreased by 1% to US$461 and US$1488 per FEU respectively.

Drewry anticipates East-West spot rates on lanes other than Asia-to-Europe to remain close to current levels, overall, in the upcoming weeks.

The Drewry WCI measures ocean freight rate movements of 40-foot containers in seven significant maritime trade lanes.