THE DREWRY World Container Index increased 1% over the week to US$2725 per 40-foot container. The index has been falling steadily since its spike at the beginning of the year.

The index has increased 55% compared with the same week last year, and it is now 92% higher than the average 2019 (pre-pandemic) rates of US$1420.

The average composite index for the year-to-date is US$3230 per 40-foot container, which is US$519 higher than the 10-year average rate of US$2712 (which was inflated by the exceptional 2020-22 covid period).

Freight rates from Shanghai to Genoa increased 3% or US$102 to US$3717 per 40-foot container.

Similarly, rates from Shanghai to Rotterdam rose 2% or US$47 to US$3103 per FEU.

Conversely, rates from Rotterdam to Shanghai and Shanghai to Los Angeles decreased 1% to US$739 and US$3371 per 40-foot box respectively.

Rates from Los Angeles to Shanghai, Shanghai to New York, New York to Rotterdam and Rotterdam to New York remain stable.

Drewry expects freight rates from China to remain stable in the upcoming week.