Our detailed assessment for Thursday, 3 October 2024
The latest Drewry WCI composite index of $3,489 per 40ft container is 66% below the previous pandemic peak of $10,377 in September 2021, but it is 146% more than the average 2019 (pre-pandemic) rate of $1,420.
The average composite index for the year-to-date is $4,097 per 40ft container, which is $1,269 higher than the 10-year average rate of $2,828 (inflated by the exceptional 2020-22 Covid period).
Freight rates from Shanghai to Genoa decreased 9% or $364 to $3,848 per 40ft container. Similarly, rates from Shanghai to Rotterdam declined 8% or $342 to $3,815 per feu. Likewise, rates from Shanghai to Los Angeles dropped 4% or $232 to $5,258 per 40ft box. Also, rates from Shanghai to New York and Rotterdam to Shanghai fell 2% to $5,922 and $590 per feu respectively. Meanwhile, rates from New York to Rotterdam, Rotterdam to New York and Los Angeles to Shanghai remain stable. Drewry expects increases in rates from China and Europe to the US East Coast in the coming weeks due to the ILA port strike.
