The Drewry World Container Index (WCI) increased by 2% to $1,687 per 40-foot container. The index showed an increase for the first time after recording 17 consecutive weeks of decline.
Spot rates from Shanghai to Los Angeles rose by 1% to $2,195 per 40-foot container, and to New York by 1% to $3,236. Drewry expects prices to increase further next week due to the impact of GRIs implemented by carriers. However, this momentum is expected to be short-lived, and prices are anticipated to drop soon. If this decline materializes, carriers could counter it with new GRI initiatives on November 1st and November 15th.
Spot rates on the Asia-Europe route showed moderate increases this week: the rate from Shanghai to Rotterdam increased by 6% to $1,669 per 40-foot container, and from Shanghai to Genoa increased by 2% to $1,821. These increases came after industry-wide efforts by shipping companies to stop the rate decline in the market after the Golden Week by implementing new Freight All Kinds (FAK) rates effective from October 15th.
7DENIZ
