Container freight on major routes rates climbed slightly this week. However, compared to last year, the World Container Index (WCI) is still behind.
The WCI assessed by Drewry, a composite of container freight rates on eight major routes to/from the US, Europe and Asia, went up b[ds_preview]y 2.4% to $1440.99/40ft container but is still down by 22.2% from the same period of 2017. The average composite index of the WCI, assessed for year-to-date, is US $1,420/40ft container, which is $162 lower than the five-year average of $1,581/40ft container, Drewry said.
GRIs from Asia to the US East Coast gathered traction this week with the index on Shanghai-New York strengthening by $429 per feu to reach $2,869. Meanwhile, rate hikes during the first week of January to the US West Coast crumbled and rates on Shanghai-Los Angeles lost $51 per feu this week. The report add, rates on Asia-North Europe route were stable this week while rates on Shanghai-Genoa gathered $61 to reach $1,491 for a 40ft box. »We expect the demand spike before the Chinese New Year holidays to result in a volley of rate hike attempts from carriers«, it was said.
