THE WORLD Container Index has remained stable over the past week at US$1364.
The composite index has dropped by 60% when compared with the same week last year.
The latest Drewry WCI composite index is now 4% below the average 2019 (pre-pandemic) rates of US$1420 and is the lowest for three years.
The average composite index for the year to date is US$1720 per 40-foot container, which is US$957 lower than the 10-year average rates of US$2677 (which was inflated by the exceptional 2020-22 Covid period).
Freight rates on Shanghai to Genoa decreased by 3% or US$43 to US$1370 per 40-foot container.
Similarly rates on Los Angeles to Shanghai decreased by 2% or US$20 to US$811 per FEU.
Likewise, rates on Shanghai to Los Angeles decreased marginally by 1% or US$17 to US$1979 per 40-foot box.
Conversely rates on New York to Rotterdam, Rotterdam to Shanghai, Rotterdam to New York and Shanghai to Rotterdam increased by 4%, 3%, 2% and 1% to US$703, US$476, US$1564 and US$1024 per 40-foot container respectively.
Meanwhile, rates on Shanghai to New York remain stable.
Drewry anticipates east-west spot rates to remain close to current levels, overall, in the upcoming weeks.
The Drewry WCI measures ocean freight rate movements of 40-foot containers in seven significant maritime trade lanes.