Container rates remain stable

Drewry’s World Container Index (WCI) remained stable for the week of Nov. 11-15, essentially unchanged at US$3,440 per 40-ft container compared to US$3,444 last week.

The WCI composite index is 67 per cent below the previous pandemic peak of US$10,377 in September 2021 but 142 per cent more than the average US$1,420 in 2019.

The average year-to-date composite index is US$3,992 per feu, which is US$1,147 higher than the 10-year average of US$2,845, which was inflated by the 2020-22 COVID-19 period.

Freight rates from Shanghai to Rotterdam increased two per cent, or US$89 to US$4,043 per feu and those from Rotterdam to New York inched up one per cent to US$2,658.

Rates from Shanghai to Los Angeles decreased two per cent, or US$106 to US$4,700 per feu while those from Rotterdam to Shanghai fell one per cent to US$521 per feu.

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

Drewry expects spot rates on the Asia to Europe trade route to increase next week as carriers have announced general rate increases starting mid-November.