The latest Drewry WCI composite index of $4,775 per 40ft container is 54 per cent lower than the pandemic peak of $10,377 in September 2021. However, it remains 236 per cent higher than the pre-pandemic average rate of $1,420 in 2019.

The report indicates that the average composite index for the year-to-date is $4,127 per 40ft container, which is $1,313 above the 10-year average rate of $2,814, a figure inflated by the conditions during the 2020-2022 COVID period.

Freight rates from Shanghai to Rotterdam plunged by 14 per cent, or $985, to $6,219 per 40ft container. Similarly, rates from Shanghai to Genoa fell by 12 per cent, or $769, to $5,842 per feu. Spot rates from Shanghai to Los Angeles also declined, sliding 3 per cent, or $218, to $6,030 per 40ft container.

In the same vein, rates from Shanghai to New York and Rotterdam to Shanghai decreased by 2 per cent to $8,451 and $612 per 40ft container, respectively. Spot rates from New York to Rotterdam dropped by 1 per cent, or $11, to $732 per feu.

Conversely, rates from Rotterdam to New York increased by 16 per cent, or $304, to $2,212 per 40ft container. Likewise, spot rates from Los Angeles to Shanghai edged up by 1 per cent, or $4, to $714 per 40ft container.

Despite the looming threat of an ILA port strike, transpacific eastbound freight rates experienced a slight dip this week. Drewry expects Asia-Europe rates to decline in the coming weeks.

Fibre2Fashion News Desk (KUL)