The Drewry World Container Index (WCI) fell by 5% to $1,669 per 40-foot container. This means the decline, which has been ongoing for 16 weeks, has continued, reaching the lowest level since January 2024.
Spot rates from Shanghai to Los Angeles fell by 5% to $2,196 per 40-foot container, while spot rates from Shanghai to New York decreased by 2% to $3,200 per 40-foot container.
Asia-Europe spot rates fell again this week, continuing their uninterrupted decline for 10 weeks. A 7% drop ($1,613 per 40-foot container) was recorded on Shanghai-Rotterdam and a 9% drop ($1,804 per 40-foot container) on Shanghai-Genoa.
As of October 1st, factories in China entered an 8-day shutdown for the Golden Week holiday. Carriers increased blank sailings and reduced capacity to adapt to the slowing demand before the closure. Consequently, East-West spot rates are expected to fall in the coming weeks.
Drewry’s Container Forecaster predicts that the supply-demand balance will weaken over the next few quarters, which will cause spot rates to contract.
7DENIZ
