The latest assessment from Drewry's World Container Index (WCI) indicates a 2% decrease in global container freight rates, bringing the composite index to $3,364 per 40ft container. Despite this decline, rates remain significantly higher than pre-pandemic levels, standing at 137% above the 2019 average of $1,420 but well below the September 2021 peak of $10,377.
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The most notable declines were observed on key trade routes from Shanghai, with freight rates to Rotterdam dropping 5% to $3,274 per 40ft container, and those to Genoa decreasing 4% to $4,400. Similarly, rates from Rotterdam to New York fell 2% to $2,732. In contrast, some routes saw slight increases, with New York to Rotterdam rising 2% to $839 per 40ft container, and Rotterdam to Shanghai inching up by 1% to $518. Rates from Los Angeles to Shanghai remained unchanged.
Drewry attributes the decline in freight rates to increased shipping capacity, which is expected to exert further downward pressure in the coming weeks.
Table: Drewry.
More information:
Drewry
www.drewry.co.uk