A minor 3% drop this week in the Drewry World Container Index (WCI), continuing a trend which began last week, reports loadstar.
Shanghai-US rates were the fastest to dip: Shanghai-LA from a peak of $7,512 in early July to $6,501 yesterday; and Shanghai-NY from $9,612 on 18 July, to $8,931.
This could be little more than a glitch in an otherwise inexorable rise in rates, akin to that seen in the WCI in Q1, which soon reversed.
Spike in congestion
Indeed, according to Linerlytica, the port of Shanghai recorded a spike in congestion at the end of July not seen since the beginning of the year, which rather implies there there could be more disruption to come.
Qatar, Egypt and the US are pushing for Israel-Hamas ceasefire talks to resume on 15 August, but there is not much reason to imagine this will amount to much. And if the war is not going anywhere, neither are the Houthis: over the past 24 hours, Greek-owned tanker Delta Blue came under a hellish sequence of attacks from RPGs, missiles, drones and later a drone boat, according to a UKMTO report.
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Source: Loadstar
