The World Container Index slipped slightly this week. For the coming days, a further downturn is expected – both topics are caused by the Chinese calendar, Drewry says.
The composite of container[ds_preview] freight rates on eight major routes to/from the US, Europe and Asia, is down by 1.8% to 1,511.64 $ per FEU, shipping consultancy Drewry states. The decline is explained with pre-CNY (Chinese New Year) general rate increases (GRI), which edged down.
According to the report, the index is also down by 14.6% compared to the same period of 2017. Two-year spot freight rate trend for the World Container Index:
The average composite index of the WCI, assessed for year-to-date, is 1,463 $ per FEU, which is $110 lower than the five-year average of 1,573 $.
Rates on Shanghai-New York fell by 88 $ per to reach 2,856 $ and rates on Shanghai-Los Angeles dropped by 46 $ from last week to 1,519 $. The report adds, that rates on Shanghai-Genoa were stable, while rates on Shanghai-Rotterdam shed 41 $ to reach 1,772 $ for a 40ft box. Meanwhile, GRIs on Transatlantic trade strengthened rates on Rotterdam-New York by 78 $ to 2,067 $ for a 40ft box. The coming days may see another negative course: »We expect freight rates to weaken next week on account of demand downturn during the Chinese Spring Festival«, Drewry says.
