Freight rates for container cargoes on the major routes went down slightly this week. However, a short term growth is expected.
The World Container Index (WCI) assessed by shipping consultancy Drewry is a composite of container freight rates on eight major routes to/from the US,[ds_preview] Europe and Asia. This week, it dwindled moderately by 1.2% to 1207.46 $ per FEU. The two-year spot freight rate trend for the WCI shows a decline for several months now:
Source: DrewryThe composite index is down by 1.2% this week and down by 11% from the same period of 2016. The average composite index of the WCI, assessed for year-to-date, is US $1,501 FEU, which is $114 lower than the five-year average of $1,615/FEU, Drewry states. It is also 11% lower than a year ago.
Drewry’s composite index lost another $15 per FEU this week to reach $1,207. The WCI between Shanghai and Rotterdam stood at $1,252 for a 40ft box this week, with a change of just $2. The rates on Shanghai-New York slashed by $41 to reach $1,789 per 40ft box. Similarly, the rates from Shanghai to Los Angeles fell by $27 to reach $1,321 per feu.
However, obviously the experts are optimistic abut the very near future: »The proposed November GRI and the demand increase in the month will pull up the rates from next week«, it is said.
Latest freight rate assessments on eight major East-West trades:
