DREWRY'S World Container Index increased for a fourth consecutive week, up 8% to $1,959 per 40ft container. This follows a prolonged decline over 17 consecutive weeks.
Source: Drewry World Container Index
Spot rates from Shanghai to Los Angeles increased 9% to $2,647 per 40ft container and those to New York rose 8% to $3,837 on the back of 1 November GRIs. Carriers continue to implement GRIs to counter the downward pressure on spot rates from increased capacity. However, this upward momentum is expected to be short-lived, with rates likely to soften unless further GRIs are introduced.
Source: Drewry World Container Index
Spot rates from Shanghai to Rotterdam increased 9% to $1,962 per 40ft container and from Shanghai to Genoa they rose 8% to $2,111. Carriers on the Asia–Europe trade route are trying to push spot rates up by introducing higher FAK rates ranging from $3,000 to $3,600 per 40ft box, effective 15 November, in an attempt to elevate spot rates before the start of the new annual contract negotiation season.
Drewry’s Container Forecaster expects the supply-demand balance to weaken in the next few quarters, which will cause spot rates to contract.