Drewry’s World Container Index decreased 5.1% this last week, remaining at $1,404.38, also presenting a 65% drop compared to the same week last year.
The latest Drewry WCI composite rate of $1,404.38 per 40-foot container is now 1% below average 2019 (pre-pandemic) rates of $1,420.
In addition to the above, the average composite index for the current year is USD 1,747 per 40-foot container, being USD 932 less than the average rates from 10 years ago, which were around USD 2,678.
This added to the fact that freight rates on routes from Shanghai to Rotterdam plummeted 10% or $120 for two consecutive weeks and reached $1,052, the lowest level since June 2016.
Similarly, fares on the route from Shanghai to New York were reduced by 7% or approximately $216, reaching $2,684 per trip.
Rates from Shanghai to Los Angeles have also dropped, specifically by 4% or $88 to $2,016 per 40-foot container.
Consequently, rates from Shanghai to Genoa followed the same pattern with a decrease of 3% or from $43 to $1,488 per 40-foot box.
In contrast, transatlantic fares have shown an upward trend, with fares from Rotterdam to New York increasing by 2% and those from New York to Rotterdam rising by 1%, to $1,564 and $757 per trip, respectively.
Additionally, fares from Rotterdam to Shanghai and Los Angeles to Shanghai remained the same as last week.
Drewry anticipates that the trend in East-West spot rates will generally remain close to current levels over the next week due to China’s Golden Week holidays.