THE LATEST Drewry World Container Index increased by 2.3% to US$1832.48 per 40-foot container this past week.
However, the WCI has dropped by 70.6% when compared with the same week last year.
The index is now 82% below the peak of US$10,377 reached in September 2021.
It is 32% lower than the 10-year average of US$2683, indicating a return to more normal prices, but remains 29% higher than average 2019 (pre-pandemic) rates of US$1420.
The average composite index for the year to date is US$1773 per 40-foot container, which is US$910 lower than the 10-year average (US$2683 mentioned above).
Freight Rates on Shanghai – Rotterdam increased by 6% or US$95 to US$1768 per 40-foot container.
Similarly, spot rates on Shanghai – New York grew 5% or US$182 to US$3,545 per FEU.
Likewise, rates on Rotterdam – Shanghai rose by 2% or US$13 to US$539 per 40-foot box and rates on Shanghai – Genoa surged by 1% or US$14 to US$2086 per 40-foot container.
Conversely, rates on Rotterdam – New York decreased by 1% or US$16 to US$1577 per FEU.
Moreover, spot rates from Shanghai – Los Angeles, Los Angeles – Shanghai and New York – Rotterdam remained static at the previous week’s level.
Drewry expects East-West spot rates to remain stable in the next few weeks.
The Drewry WCI measures ocean freight rate movements of 40-foot containers in seven significant maritime trade lanes.