LAST week, Drewry’s World Container Index increased by 11.8% to US$1761.33 per 40-foot container.
Following four consecutive weeks of increases, this week’s composite index is the highest since the second week of May 2023.
The latest Drewry WCI composite index is 83% below the peak of US$10,377 reached in September 2021.
It is 34% lower than the 10-year average of US$2684, indicating a return to more normal prices, but remains 24% higher than average 2019 (pre-pandemic) rates of US$1420.
When compared with the same week last year, the index has dropped by 73.4%.
The average composite index for the year to date is US$1770 per 40-foot container, which is US$914 lower than the 10-year average.
Freight rates on Shanghai – Rotterdam surged by 25% or US$328 to US$1620 per 40-foot container.
Likewise, Shanghai – Los Angeles rates expanded by 11% or US$235 to US$2322 per 40-foot box.
Similarly, rates on Shanghai – Genoa and Shanghai – New York rose by 9% to US$2070 and US$3330 per 40-foot container.
However, rates from Rotterdam – Shanghai declined by 1% or US$7 to stand at US$520 per FEU.
Moreover, spot rates from Los Angeles – Shanghai, New York – Rotterdam and Rotterdam – New York remained static at the previous week’s level.
Drewry expects East-West spot rates to be “stable, overall” in the next few weeks.
The Drewry WCI measures ocean freight rate movements of 40-foot containers in seven significant maritime trade lanes.