The Drewry World Container Index (WCI), a composite index tracking eight major container shipping routes, recorded its first increase in 17 weeks, rising 2% to $1,687 per 40ft container.
The modest increase was supported by upward movement in spot rates across the Transpacific and Asia–Europe trade lanes, a result of proactive measures taken by carriers to stem the recent market decline.
Key Index and Route Highlights:
- Composite Index: The WCI increased 2% to $1,687 per 40ft container, marking the end of a 17-week consecutive decline.
- Transpacific Rates: Spot rates from Shanghai to Los Angeles rose 1% to $2,195 per 40ft container, while rates to New York increased 1% to $3,236.
- Asia–Europe Rates: Spot rates saw more significant jumps, with Shanghai to Rotterdam rising 6% to $1,669 per 40ft container and Shanghai to Genoa increasing 2% to $1,821. These increases follow the introduction of new Freight All Kinds (FAK) rates by carriers, effective October 15, to counteract the post-Golden Week rate slump.
Drewry expects to see further rate hikes next week following General Rate Increases (GRIs) implemented by carriers yesterday. However, the maritime research consultancy cautions that this upward momentum is likely to be short-lived, with rates projected to decline again soon. Carriers may attempt to counter this predicted drop with new GRI attempts scheduled for November 1 and November 15.
Looking at the broader market, Drewry’s Container Forecaster maintains a cautious outlook, expecting the supply-demand balance to weaken in the next few quarters, which will ultimately cause spot rates to contract.
The Drewry World Container Index (WCI) is a key benchmark for global container freight rates, providing essential data for index-linked contracts and market analysis across the major East-West shipping routes.
