DREWRY’S composite World Container Index decreased 3% to US$2836 per 40-foot container this week.

The latest figure is a 66% increase compared with the same week last year and is 100% higher than the average 2019 (pre-pandemic) rates of US$1420.

The average composite index for the year-to-date is US$3372 per 40-foot container, which is US$666 higher than the 10-year average rate of US$2706 (which was inflated by the exceptional 2020-22 covid period).

Freight rates from Shanghai to Genoa decreased 5% or US$192 to US$3614 per FEU.

Similarly, rates from Shanghai to Rotterdam, Shanghai to Los Angeles, and Shanghai to New York dropped 3% to US$3078, US$3704 and US$4894 per 40-foot box respectively.

Likewise, rates from Rotterdam to Shanghai and New York to Rotterdam declined 2% to US$794 and US$622 per FEU respectively.

Also, rates from Rotterdam to New York fell 1% or US$17 to US$2244 per 40-foot box.

At the same time, rates from Los Angeles to Shanghai remained stable at the previous week’s level.

Drewry expects a minor decrease in spot freight rates in the coming week.