THE WORLD Container Index increased 12% this past week to US$4716 per 40-foot container.

The composite index, published each week by Drewry, has increased 181% compared with the same week last year.

It is now 232% more than the average 2019 (pre-pandemic) rates of US$1420.

The average composite index for the year-to-date is US$3384 per 40-foot container, which is US$654 higher than the 10-year average rate of US$2730, which was inflated by the exceptional 2020-22 covid period.

Freight rates from Shanghai to Genoa increased 17% or US$971 to US$6664 per 40-foot container.

Similarly, rates from Shanghai to Rotterdam increased 14% or US$762 to US$6032 per FEU.

Likewise, rates from Shanghai to Los Angeles increased 11% or US$585 to US$5975 per 40-foot box.

Also, rates from Shanghai to New York rose 6% or $379 to US$7214 per 40-foot box.

Conversely, rates from Rotterdam to Shanghai decreased 5% or US$35 to US$642 per FEU.

Also, rates from Rotterdam to New York dropped 4% or US$86 to US$2136 per 40-foot container.

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

Drewry expects freight rates ex-China to continue rising next week due to the onset of the early peak season.