Drewry World Container Index (WCI) increased by 2% this week (as of October 16) compared to last week, reaching approximately $1,/FEU.
Source: Drewry Supply Chain Advisor
The spot rate from Shanghai to Los Angeles rose by 1%, and the rate to New York increased by 1%. Drewry expects that freight rates are projected to rise further next week, driven by the recent General Rate Increase (GRI) implemented by carriers. However, this upward trend is expected to be short-lived, and rates may soon decline. If a decline occurs, carriers may attempt to implement new GRIs on November 1 and November 15 to counter the downturn.
Spot rates on the Asia-Europe trade lane also saw a slight increase this week, with the rate from Shanghai to Rotterdam surging by 6% and the rate from Shanghai to Genoa rising by 2%. This round of increases stems from collective efforts by carriers to push up rates in order to curb the decline in market rates following the Golden Week.
Source: Drewry Supply Chain Advisors
