According to the latest container freight index released on Thursday by Drewry, the latest composite index of $5,868 per 40ft container is 43 per cent below the pandemic peak of $10,377 in September 2021, but it is 313 per cent higher than the average 2019 (pre-pandemic) rate of $1,420.
The average composite index for the year-to-date is $3,664 per 40ft container, which is $909 higher than the 10-year average rate of $2,756 (inflated due to the 2020-22 COVID period).
Freight rates from Shanghai to New York increased by 17 per cent, or $1,331, to $9,158 per 40ft container. Similarly, rates from Shanghai to Los Angeles rose by 12 per cent, or $799, to $7,472 per 40ft box. Likewise, rates from Shanghai to Rotterdam surged by 10 per cent, or $734, to $8,056 per FEU. Additionally, rates from Shanghai to Genoa spiked by 7 per cent, or $471, to $7,573 per 40ft container.
Rates from New York to Rotterdam swelled by 2 per cent, or $16, to $656 per FEU. Conversely, rates from Rotterdam to Shanghai decreased by 5 per cent, or $33, to $643 per 40ft box. Rates from Rotterdam to New York dropped by 3 per cent, or $67, to $1,977 per FEU. Meanwhile, rates from Los Angeles to Shanghai remain stable.
Drewry expects a minor increase in freight rates out of China as Asian ports face congestion issues.
ALCHEMPro News Desk (KUL)
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