News
The Drewry World Container Index (WCI) remained stable from the previous week in Week 47 at $1,852 per FEU. The index maintained stability due to decreased trans-Pacific rates and increased Asia-Europe rates offsetting each other. From a year earlier, the index was lower by 46%.
Spot rates on the trans-Pacific trade continued to decrease for the second consecutive week, with those from Shanghai to New York falling 10% ($299) to $2,922 per FEU and to Los Angeles, 7% ($156) to $2,172 per FEU. As per Drewry’s Container Capacity Insight, blank sailings on the trade are expected to decrease this week, leading to more available capacity. Hence, Drewry expects rates to soften slightly.
The Asia-Europe trade route recorded its sixth straight week of increasing spot rates. Rates from Shanghai to Genoa increased 6% ($126) to $2,319 per FEU and to Rotterdam, 8% ($165) to $2,193 per FEU. Carriers on the Asia–Europe trade route are trying to push spot rates up by introducing higher freight-all-kinds (FAK) rates ranging from $3,100 per FEU to $4,000 per FEU, effective Dec. 1, in an attempt to elevate spot rates before the start of the new annual contract negotiation season.
