DREWRY’S World Container Index increased 2% to US$4801 per 40-foot container this week, softening a steep increase seen in recent weeks.

The composite index has increased 202% compared with the same week last year.

It is now 238% higher than the average 2019 (pre-pandemic) rates of US$1420.

The average composite index for the year-to-date is US$3443 per 40-foot container, which is US$707 higher than the 10-year average rate of US$2736. This figure was inflated by the exceptional 2020-22 covid period.

Freight rates from Shanghai to Genoa and Rotterdam to Shanghai increased 3% to US$6862 and US$661 per 40-foot container respectively.

Similarly, rates from Shanghai to Rotterdam and New York to Rotterdam swelled 2% to US$6177 and US$640 per FEU respectively.

Likewise, rates from Shanghai to Los Angeles and Shanghai to New York surged 1% to US$6025 and US$7299 per 40-foot box respectively.

Conversely, rates from Rotterdam to New York decreased 1% or US$18 to US$2118 per FEU.

Meanwhile, rates from Los Angeles to Shanghai remain stable.

Drewry expects that freight rates from China will continue to rise next week due to congestion issues at Asian ports.