DREWRY’S World Container Index increased 10% to US$5868 per 40-foot container this week.

The composite index has increased 298% when compared with the same week last year.

It is still 43% below the previous pandemic peak of US$10,377 in September 2021, but it is 313% more than average 2019 (pre-pandemic) rates of US$1420.

The average composite index for the year-to-date is US$3664 per 40-foot container, which is US$909 higher than the 10-year average rate of US$2756 (which was inflated by the exceptional 2020-22 covid period).

Freight rates from Shanghai to New York increased 17% or US$1331 to US$9158 per 40-foot container.

Similarly, rates from Shanghai to Los Angeles rose 12% or US$799 to US$7472 per 40-foot box. Likewise, rates from Shanghai to Rotterdam surged 10% or US$734 to US$8,056 per FEU.

Additionally, rates from Shanghai to Genoa spiked 7% or US$471 to US$7,73 per 40-foot container.

Also, rates from New York to Rotterdam swelled 2% or US$16 to US$656 per FEU.

Conversely, rates from Rotterdam to Shanghai decreased 5% or US$33 to US$643 per 40-foot box.

Rates from Rotterdam to New York dropped 3% or US$67 to US$1977 per FEU.

Meanwhile, rates from Los Angeles to Shanghai remain stable.

Drewry expects a minor increase in freight rates out of China as Asian ports face congestion issues.