As predicted a week ago, spot rates on the Shanghai-Los Angeles and Shanghai-New York trades have declined. Overall, the World Container Index lost 0.5 %.
The World Container Index assessed by Drewry, a composite of container freight rates on eight major routes to/from the US, Eu[ds_preview]rope and Asia, is down by 0.5% to 1,464 $ per 40ft container. The composite index is up by 44% from the same period of 2016.
The average composite index of the WCI, assessed by Drewry for year-to-date, is 1,566 $ per 40ft container, which is 122 $ lower than the five-year average of 1,688 $ per 40ft container. It is also 44% higher than a year ago.
Spot rates on the Shanghai-Rotterdam route lost 27 $ this week to reach 1,712 $ for a 40ft box. Meanwhile, rates on the Transpacific trade declined drastically as GRIs failed to persist. As expected by Drewry last week, spot rates from Shanghai to New York lost 112 $ to reach 2,202 $ for a 40ft box while rates to Los Angeles plummeted by 95 $ to 1,282 $.
