Container rates up for second straight week

Drewry’s World Container Index (WCI) went up seven per cent to US$3,444 per 40-ft container this week, increasing for the second straight week after a steady decline since early July.

The WCI composite index for the week of Nov. 4-8 is now 67 per cent below the previous pandemic peak of US$10,377 in September 2021, but 142 per cent more than the pre-pandemic average US$1,420 in 2019.

The average year-to-date composite index is US$4,005 per feu, which is US$1,162 higher than the 10-year average of US$2,843, which was inflated by the exceptional 2020-22 COVID-19 period.

Freight rates from Shanghai to Genoa jumped 21 per cent or US$751 to US$4,399 per feu and those from Shanghai to Rotterdam surged 16 per cent to US$3,954. Similarly, rates from New York to Rotterdam increased three per cent to US$785.

Rates from Rotterdam to Shanghai dropped three per cent to US$524 per feu while those from Rotterdam to New York fell two per cent to US$2,624 and those from Shanghai to Los Angeles dipped one per cent to US$4,806. Meanwhile, rates from Los Angeles to Shanghai and Shanghai to New York remained stable.

Spot rates on the Asia-Europe trade lane increased for the second consecutive week and Drewry expects this uptrend to continue next week as well.