The World Container Index assessed by Drewry, a composite of container freight rates on eight major routes to/from the US, Europe and Asia, is down by 9.4 % to 1,374.8 $ for a 40ft container. Rates are expected to head south next week.
The composite index is down by 9.4 % this we[ds_preview]ek and down by 9 % from the same period of 2016. The average composite index of the WCI, assessed by Drewry for year-to-date, is US 1,499 $ per 40ft container, which is 111 $ lower than the five-year average of 1,610 $ 40ft container. It is also 9 % lower than a year ago.
Rate gains during the first week of November – on routes originating from Asia – waned towards the second week. The World Container Index between Shanghai and Rotterdam lost 157 $ from the previous week to reach 1,559 $ for a 40ft box. Rates are now 9 % less than in the same period in 2016. Rates on the Transpacific route also followed a downward trajectory this week.
The WCI between Shanghai and Los Angeles softened by 5 % or 77 $ from the previous week to 1,557 $ per feu. Rates on this route are 20% weaker than in the same period in 2016. Meanwhile, the decline was higher on the Shanghai-New York route, where rates diminished by 290 $ or 12 % from the first week of this month to reach 2,114 $ per feu. As carriers are poised to shelve their 15 November GRIs, rates are expected to head south next week.
