Container rates up another two per cent

Drewry’s World Container Index (WCI) increased another two per cent for the week of May 19-23 and is now US$2,276 per 40-ft container.

The Drewry WCI composite index is now 78 per cent below the previous pandemic peak of US$10,377 in September 2021, but is 60 per cent higher than the average US$1,420 in 2019.

The average year-to-date composite index closed at US$2,723 per 40-ft container, US$174 lower than the 10-year average of US$2,897, which was inflated by the COVID-19 period.

Freight rates from Shanghai to Genoa and Shanghai to New York rose four per cent to US$2,841 and US$4,527 per 40-ft container and those from Shanghai to Los Angeles increased two per cent to US$3,197. Following the trend, rates from Los Angeles to Shanghai went up a marginal one per cent to US$713 per 40-ft container.

On the other hand, rates from Shanghai to Rotterdam, Rotterdam to Shanghai, Rotterdam to New York and New York to Rotterdam remained stable.

Following the latest U.S.-China trade developments, Drewry expects an increase in spot rates in the coming week as carriers are reorganizing their capacity to accommodate a higher volume of cargo bookings from China.