Post-Chinese New Year Projections: Stability And Reductions

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  • The composite index dropped by 1% to $3,733 per 40ft container this week and has increased by 91% when compared with the same week last year.
  • The latest Drewry WCI composite index of $3,733 per 40ft container is 163% more than average 2019 (pre-pandemic) rates of $1,420.
  • The average composite index for the year-to-date is $3,546 per 40ft container, which is $857 higher than the 10-year average rate of $2,689 (which was inflated by the exceptional 2020-22 Covid period).

 

  • Freight rates on Shanghai to Rotterdam and Rotterdam to Shanghai decreased by 3% or $138 and $32 to $4,288 and $958 per 40ft box respectively. Followed by rates on Los Angeles to Shanghai and Shanghai to New York which declined by 2% or $17 and $98 to $709 and $6,170 per feu. Likewise, rates on Shanghai to Genoa reduced by 1% or $52 to $5,173 per 40ft box. Conversely, rates on Rotterdam to New York swelled by 10% or $195 to $2,173 per 40ft box. Followed by rates on New York to Rotterdam which increased by 2% or $12 to $623 per feu.
  • While rates on Shanghai to Los Angeles remained stable. Drewry expects a minor reduction in spot rates after the Chinese New Year. However, freight rates on the transatlantic trade route are expected to remain stable next week.

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Source : Drewry

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