Container rates on the rise

by Inside Logistics Online Staff

Drewry’s World Container Index (WCI) released June 20 shows an increase of seven per cent to US$5,117 per 40-ft container, which is up 233 per cent compared with the same week last year.

The latest Drewry WCI composite index of US$5,117 per 40-ft container is 260 per cent more than the 2019 average (pre-pandemic) rates of US$1,420.

The average composite index for the year-to-date is US$3,510 per 40-ft container, which is US$768 higher than the 10-year average rate of US$2,742 (which was inflated by the exceptional 2020-22 COVID-19 period).

Freight rates from Shanghai to Rotterdam increased 11 per cent or US$690 to US$6,867 per feu. Similarly, rates from Shanghai to Los Angeles grew seven per cent or US$416 to US$6,441 per 40-ft box. Likewise, rates from Shanghai to New York rose three per cent or US$253 to US$7,552 per 40-ft container. Also, rates from Rotterdam to Shanghai and Shanghai to Genoa increased two per cent to US$672 and US$7,029 per feu respectively. Conversely, rates from New York to Rotterdam and Rotterdam to New York decreased one per cent to US$633 and US$2,093 per 40-ft 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.