Container rates tick up for first time since early January

Drewry’s World Container Index (WCI) increased two per cent to US$2,208 per 40-ft container for the week of March 31 to April 4. The uptick marked the first time rates have increased since Jan. 9.

The Drewry WCI composite index remains 79 per cent below the previous pandemic peak of US$10,377 in September 2021. However, the index is 55 per cent higher than the average US$1,420 in 2019.

The average year-to-date composite index closed at US$2,993 per 40-ft container, US$105 higher than the 10-year average of US$2,887, which was inflated by the COVID-19 period.

Freight rates from Shanghai to Los Angeles jumped 10 per cent to US$2,726 per 40-ft container and those from Shanghai to New York increased eight per cent to US$3,894.

Conversely, spot rates from Rotterdam to Shanghai dropped seven per cent to US$466 per 40-ft container and those from Shanghai to Genoa fell four per cent to US$3,031. Rates from Shanghai to Rotterdam decreased three per cent to US$2,304 per 40-ft container, while those from New York to Rotterdam and Rotterdam to New York decreased two per cent to US$831 and US$2,124, respectively. Rates from Los Angeles to Shanghai also fell one per cent to US$705 per 40ft container.

The Transpacific trade lane witnessed a reversal of its months-long week-over-week trend of declining spot rates due to the recent sailing cancellations. The imposition of tariffs, announced by U.S. President Donald Trump April 2 is anticipated to introduce greater volatility to these spot rates.