DREWRY’S World Container Index climbed again this week, up 7% to US$5117 per 40-foot container on 20 June.

The composite index has increased 233% when compared with the same week last year. It latest index is 260% more than average 2019 (pre-pandemic) rates of US$1420.

The average composite index for the year-to-date is US$3510 per 40-foot container, which is US$768 higher than the 10-year average rate of US$2742 (which was inflated by the exceptional 2020-22 covid period).

Freight rates from Shanghai to Rotterdam increased 11% or US$690 to US$6867 per FEU.

Similarly, rates from Shanghai to Los Angeles grew 7% or US$416 to US$6441 per 40-foot box.

Likewise, rates from Shanghai to New York rose 3% or US$253 to US$7552 per 40-foot container.

Also, rates from Rotterdam to Shanghai and Shanghai to Genoa increased 2% to US$672 and US$7029 per FEU respectively.

Conversely, rates from New York to Rotterdam and Rotterdam to New York decreased 1% to US$633 and US$2093 per 40-foot box respectively.

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.