DREWRY'S World Container Index increased 3% to $1,958 per 40ft container due to an increase in rates on the Transpacific trade routes.
Source: Drewry World Container Index
Spot rates on Asia–Europe trade routes remained under pressure, with rates on Shanghai–Rotterdam falling 2% to $2,052 per 40ft container and those on Shanghai–Genoa increasing only 1% to $2,844. Since volumes typically rebound in March as factories across Asia reopen, carriers have started planning capacity induction, with only four cancelled sailings announced on the Asia–Europe/Med trade route over the next two weeks. Hence, we expect spot rates on this trade to increase in the coming weeks.
Source: Drewry World Container Index
Spot rates from Shanghai to Los Angeles increased 10% to $2,402, while those on Shanghai to New York increased 7% to $2,977 per 40ft container. According to Drewry’s Container Capacity Insight, only four blank sailings have been announced for the next week on the Transpacific East and West Coast trade routes, much lower than this week, as factories gradually return to full production after the CNY. Drewry thus expects spot rates on this trade to increase in the coming weeks.
US and Israeli strikes on Iran have effectively frozen tanker movement through the Strait of Hormuz, which carries around 20% of global oil supply, pushing crude oil prices higher amid supply concerns. If the situation persists, rising bunker fuel costs, war-risk premiums and operational disruptions could increase overall freight costs and place upwards pressure on container shipping rates.