DREWRY’S composite World Container Index decreased by 3.5% to US$1535.75 per 40-foot container this week.
The index has dropped by 78.9% compared with the same week last year. It is now 85% below the peak of US$10,377 reached in September 2021.
It is 43% lower than the 10-year average of US$2688, indicating a return to normal prices. However, it remains 8% higher than average 2019 (pre-pandemic) rates of US$1420.
The average composite index for the year-to-date is US$1822 per 40-foot container, which is US$866 lower than the 10-year average.
Freight rates on Shanghai – New York dropped 7% or US$190 to US$2543 per FEU.
Similarly, rates on Shanghai – Los Angeles fell 6% or US$104 to US$1642 per 40-foot box.
Also, rates on Shanghai – Genoa slid 3% to US$2075 per 40-foot container. Freight rates on Shanghai – Rotterdam contracted 2% or US$33 to US$1316 per FEU.
Rates from New York – Rotterdam and Rotterdam – New York inched up by 2% and 1% to US$793 and US$3226 respectively.
However, rates from Rotterdam – Shanghai and Los Angeles – Shanghai remained stable at the previous week’s level.
Drewry expects east-west spot rates to rise again on most routes in the next few weeks.
