DREWRY WORLD CONTAINER INDEX
Ocean freight rates remained steady after 22 consecutive weeks of increases, albeit at a very high level. According to analyst Drewry, the latest release of its World Container Index (WCI) shows that freight rates remained stable this week, at $10,377.19 per forty-foot container, but is 299% higher than the same week in 2020 ($6,888 per feu).
The stabilisation comes after the announcement by CMA-CGM and Hapag-Lloyd to put a halt in increment of spot rates as container prices on most trade lanes are at record highs. Freight rates on Shanghai to Genoa gained 1% or $144 to reach $13,646 per 40ft box. However, spot rates from New York to Rotterdam dropped 8% or $91 to $1,107 per feu. Rates on Shanghai to Rotterdam remained almost stable at previous weeks level, with a marginal $62 increase to $14,356 per feu. Drewry expects freight rates to remain steady in the coming week.
Source: Drewry