DREWRY’S World Container Index continued its steady increase this past week.

A 4% increase to US$5318 per 40-foot container this week puts the index 256% higher than it was in the same week last year.

The composite index is now 49% below the previous pandemic peak of US$10,377 in September 2021, but it is 274% more than average 2019 (pre-pandemic) rates of US$1420.

The average composite index for the year-to-date is US$3579 per 40-foot container, which is US$831 higher than the 10-year average rate of US$2748 (which was inflated by the exceptional 2020-22 covid period).

Freight rates from Shanghai to Rotterdam increased 7% or US$455 to US$7322 per 40-foot container.

Likewise, rates from Shanghai to Los Angeles and Shanghai to New York rose 4% to US$6673 and $7827 per 40-foot box respectively.

Similarly, rates from Rotterdam to Shanghai, Shanghai to Genoa and New York to Rotterdam grew 1% to US$676, US$7102 and US$640 per FEU respectively.

Conversely, rates from Rotterdam to New York decreased 2% or US$49 to US$2044 per 40-foot container.

Meanwhile, rates from Los Angeles to Shanghai remain stable. 

Drewry expects minor increase in freight rates due to congestion at Asian ports.