News
Drewry’s World Container Index (WCI) decreased 3% from the previous week to $2,044 per FEU in Week 37, marking the 13th consecutive week of decline. For the second week in a row, spot rates on major trade lanes followed opposing trends. While those on trans-Pacific trade lanes increased, those on Asia–Europe decreased. From a year earlier, the WCI was down 51%.
Trans-Pacific spot rates are on the rise due to GRI announcements by several carriers. Spot rates from Shanghai to Los Angeles increased 6% ($156) to $2,678 per FEU, while those from Shanghai to New York rose 2% ($66) to $3,743 per FEU. Despite the upcoming Golden Week holidays in China, it is unlikely that these rates will be sustained without further cuts to shipping capacity. Hence, Drewry expects rates to remain stable in the upcoming weeks.
Asia–Europe spot rates fell last week, with those from Shanghai to Rotterdam by 10% ($242) to $2,143 per FEU and from Shanghai to Genoa, 12% ($311) to $2,342 per FEU. The declines came as carriers struggled to match increased capacity—due to new vessels entering the trade—with softening demand. With a rise in blank sailings ahead of China’s Golden Week holidays, which begins on Oct. 1, Drewry expects rates to decrease slightly in the upcoming weeks.
