Data from the latest World Container Index (WCI) by supply chain advisory Drewry has shown a decrease of 10%, to US$4 014.10 per 40-foot container – a 31 consecutive week decline in ocean freight rates, heralding a 61% year-on-year decrease.
In September 2021, the peak was $10 377, Drewry said.
However, the current rate is still 8% higher than the five-year average of $3 714.
“The average composite index for the year to date is $7 597 per 40-foot container, which is $3 884 higher than the five-year average,” Drewry added.
Freight rates on Shanghai-Genoa dropped 19%, or $1 203, to $5 216 per FEU.
Spot rates on Shanghai-Los Angeles fell 13%, or $496, to $3 283 per 40ft box. Likewise, rates on Shanghai-Rotterdam and Shanghai-New York dipped 10% and 5%, to $5 441 and $7 278 per 40ft container respectively.
However, rates from Rotterdam-New York gained 4%, or $301, to
$7 038 per 40ft box.
Rates on Rotterdam-Shanghai, Los Angeles-Shanghai and New York-Rotterdam hovered around the previous week’s level.
Drewry expects the WCI to continue on its downward trend in the next few weeks.
