THE LATEST Drewry World Container Index increased by 1.7% to US$1790.60 per 40-foot container this past week.
The WCI and has dropped by 72.2% when compared with the same week last year.
The index is now 83% below the peak of US$10,377 reached in September 2021.
It is 33% lower than the 10-year average of US$2684, indicating a return to more normal prices, but remains 26% higher than average 2019 (pre-pandemic) rates of US$1420.
The average composite index for the year-to-date is US$1771 per 40-foot container, which is US$913 lower than the 10-year average.
Freight Rates on New York – Rotterdam increased by 8% or US$61 to US$798 per 40-foot container.
Similarly, spot rates on Shanghai – Rotterdam grew 3% or US$53 to US$1673 per FEU.
Likewise rates on Shanghai – Los Angles rose by 2% or US$40 to US$2362 per 40-foot box and rates on Rotterdam – Shanghai, Los Angles – Shanghai, and Shanghai – New York surged by 1% to US$526, US$846 and US$3363 per 40-foot container respectively.
Moreover, spot rates from Shanghai – Genoa and Rotterdam – New York remained static at the previous week’s level.
Drewry expects east-west spot rates to remain stable in the next few weeks.