THE WORLD Container index increased this past week by 3.3% to US$1536.86 per 40-foot container.
The index, which measures weekly ocean freight rate movements of 40-foot containers in seven significant lanes, has decreased by 77.5% when compared with the same week last year.
The latest Drewry WCI composite index 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$2685, indicating a return to more normal prices, but remains 8% higher than average 2019 (pre-pandemic) rates of US$1420.
The average composite index for the year-to-date is US$1,777 per 40-foot container, which is US$908 lower than the 10-year average (US$2685 mentioned above).
Freight rates on Shanghai – Los Angeles strengthened 10% or US$175 to US$1965 per 40-foot container.
Likewise, Shanghai – New York rates increased by 7% or US$191 to US$2906 per 40-foot box.
However, rates from Rotterdam – New York fell 7% to US$129 to stand at US$1640 per FEU.
Also, rates on Rotterdam – Shanghai and Shanghai – Genoa declined 2% to stand at US$528 and US$1902 respectively.
Additionally, spot rates from Los Angeles – Shanghai decreased 1% or US$7 to US$839 per 40-foot container.
Furthermore, spot rates from New York – Rotterdam 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.