Container rates drop another three per cent

Drewry’s World Container Index (WCI) decreased three per cent to US$2,091 per 40-ft container for the week of April 28 to May 2.

The Drewry WCI composite index is now 80 per cent below the previous pandemic peak of US$10,377 in September 2021, however, is 47 per cent higher than the average US$1,420 in 2019.

The average year-to-date composite index closed at US$2,811 per 40-ft container, US$82 lower than the 10-year average of US$2,893, which is inflated by the 2020-22 COVID-19 period.

Freight rates from Shanghai to Rotterdam dropped five per cent to US$2,202 per 40-ft container and those from Rotterdam to Shanghai and Shanghai to Genoa decreased four per cent to US$464 and US$2,889, respectively. Following this trend, rates from Shanghai to New York and Rotterdam to New York fell three per cent to US$3,500 and US$2,041 per 40-ft container, respectively. Rates from Los Angeles to Shanghai also dropped by two per cent to US$689, while Shanghai to Los Angeles fell one per cent to US$2,590 per 40-ft container.

Rates from New York to Rotterdam increased two per cent to US$842 per 40-ft container.

Drewry expects rates to continue declining in the coming week due to uncertainty stemming from reciprocal tariffs.