- Drewry Index Rises 2% as Carriers Implement New GRIs.
- Transpacific and Asia–Europe Routes See Modest Rate Recovery.
- Drewry Warns Rate Gains May Be Short-Lived Despite First Increase in Months.
Drewry’s World Container Index (WCI) saw a 2% bump this week, reaching $1,687 for a 40ft container. This marks the first increase after a lengthy 17-week slump, reports Drewry.
Transpacific Rates Make Small Gains
Spot rates from Shanghai to Los Angeles ticked up by 1%, now sitting at $2,195 per 40ft container, while rates to New York also rose by 1%, reaching $3,236. Drewry anticipates more rate increases next week, spurred by the General Rate Increases (GRIs) that carriers are rolling out.
However, this uptick might be short-lived, as rates are expected to dip again soon. Carriers are likely to push for additional GRIs on November 1 and November 15 to counteract any potential declines.
Asia–Europe Routes Experience Bigger Rate Hikes
On the Asia–Europe trade routes, spot rates have seen more substantial increases. The rate from Shanghai to Rotterdam jumped 6% to $1,669 for a 40ft container, while the Shanghai–Genoa rate went up by 2%, now at $1,821. These rises come as carriers work to stabilise the market by introducing new Freight All Kinds (FAK) rates starting October 15, in response to the post-Golden Week downturn.
Drewry Predicts a Softening Market Ahead
Even with this week’s positive turn, Drewry’s Container Forecaster warns of a weakening supply-demand balance in the upcoming quarters, which is likely to put renewed pressure on spot rates.
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Source: Drewry
