THE LATEST Drewry World Container Index of US$1575.62 is an increase of 2.5% week-on-week. However, it dropped by 76.7% when compared with the same week last year.

The latest composite index is now 85% below the peak of US$10,377 reached in September 2021.

It is 41% lower than the 10-year average of US$2684, indicating a return to more normal prices, but remains 11% higher than average 2019 (pre-pandemic) rates of US$1420.

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 (US$2684 mentioned above).

Freight rates on Shanghai – Los Angeles soared by 6% or US$122 to US$2087 per 40-foot container.

Likewise, Shanghai – New York rates rose by 5% or US$143 to US$3049 per 40-foot box.

However, rates from Rotterdam – New York decreased by 3% to US$50 to stand at US$1590 per FEU.

Furthermore, spot rates from New York – Rotterdam, Rotterdam – Shanghai, Shanghai – Genoa, Los Angeles – Shanghai and Shanghai – Rotterdam remained stable at the previous week’s level.

Drewry expects East-West spot rates to decline marginally on most routes in the next few weeks.

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