The index remained 78 per cent below the pandemic peak of $10,377 recorded in September 2021. However, it was 60 per cent higher than the pre-pandemic average of $1,420 in 2019.
The average year-to-date (YTD) composite index stood at $2,723 per 40ft container, $174 lower than the 10-year average of $2,897 (inflated by the exceptional 2020-22 COVID period).
Freight rates from Shanghai to Genoa and Shanghai to New York rose by 4 per cent to $2,841 and $4,527 per 40ft container, respectively. Rates from Shanghai to Los Angeles increased by 2 per cent, or $61, to $3,197 per 40ft container. Similarly, rates from Los Angeles to Shanghai rose marginally by 1 per cent, or $4, to $713 per 40ft container.
In contrast, rates from Shanghai to Rotterdam, Rotterdam to Shanghai, Rotterdam to New York, and New York to Rotterdam remained stable.
Following the latest US-China trade developments, Drewry expects spot rates to rise in the coming week as carriers reorganise capacity to accommodate increased cargo bookings from China.
ALCHEMPro News Desk (KUL)
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