DREWRY’S composite World Container Index for this past week remained steady at US$10,377.19 per 40-foot container after 22 consecutive weeks of increases.

The WCI index remained steady at US$10,377.19 per 40 foot container, but is 299% higher than the same week in 2020.

This comes following the announcement by CMA CGM and Hapag-Lloyd to put a halt in increment of spot rates as container prices on most trade lanes are at record highs.

Freight rates on Shanghai to Genoa gained 1%, or US$144, to reach US$13,646 per 40-foot box.

However, spot rates from New York to Rotterdam dropped 8% or US$91 to US$1107 per FEU.

Similarly, rates on Los Angeles to Shanghai and Shanghai to New York fell 3% and 2% to reach US$1404 and US$15,849 per 40-foot box respectively.

Rates on Shanghai to Rotterdam, Rotterdam to Shanghai, Shanghai to Los Angeles and Rotterdam to New York remained stable at previous weeks level.

Drewry expects rates to remain steady in the coming week.

The World Container Index is a composite of container freight rates on eight major routes to and from the US, Europe and Asia.