Container rates continue to climb with congestion at Asian ports

Drewry’s World Container Index (WCI) shows a four per cent increase for the week of June 27, reaching US$5,318 per 40-foot container, up 256 per cent from the same week last year.

The latest Drewry WCI composite index is 49 per cent below the previous pandemic peak of US$10,377 in September 2021, but it is 274 per cent more than average 2019 (pre-pandemic) rates of US$1,420.

The average composite index for the year-to-date is US$3,579 per 40-ft container, which is US$831 higher than the 10-year average rate of US$2,748, which was inflated by the exceptional 2020-22 COVID-19 period.

Freight rates from Shanghai to Rotterdam increased seven per cent or US$455 to US$7,322 per 40-ft container. Likewise, rates from Shanghai to Los Angeles and Shanghai to New York rose four per cent to US$6,673 and US$7,827 per 40-ft box respectively.

Drewry expects a minor increase in freight rates due to congestion at Asian ports.