Container rates inch down after a brief period of growth

Drewry’s World Container Index (WCI) dropped slightly by one per cent to US$3,413 per 40-ft container the week of Nov. 18-22 after a brief two-week period when it increased earlier in the month.

The WCI is now 67 per cent below the previous pandemic peak of US$10,377 in September 2021 but 140 per cent more than the average US$1,420 in 2019.

The average year-to-date composite index is US$3,980 per feu, which is US$1,132 higher than the 10-year average of US$2,848, which was inflated by the exceptional COVID-19 period.

Freight rates from Shanghai to Genoa increased three per cent to US$4,520 per feu, while spot rates from Shanghai to Rotterdam, New York to Rotterdam and Rotterdam to New York inched up one per cent to US$4,071, US$793 and US$2,672 respectively.

Rates from Shanghai to Los Angeles decreased five per cent to US$4,488 per feu while those from Rotterdam to Shanghai fell one per cent to US$517.

Meanwhile, rates from Los Angeles to Shanghai and Shanghai to New York remained stable.

Drewry expects spot rates to remain stable next week.