The Drewry World Container Index (WCI) increased by 3% to $1,746 per 40-foot container. This marks the second consecutive week of increase after a long decline lasting 17 weeks.
Spot rates from Shanghai to Los Angeles rose by 4% to $2,290 per 40-foot container, and to New York by 6% to $3,420. Drewry expects prices to increase somewhat next week due to GRIs implemented in mid-October. Carriers plan to implement new GRIs on November 1st and November 15th to secure higher rates before the full effect of the current price increases dissipates.
Spot rates on the Asia-Europe route rose further this week. The price from Shanghai to Rotterdam increased by 4% to $1,736 per 40-foot container, while the price from Shanghai to Genoa rose by 2% to $1,855. Drewry anticipates a slight price increase next week as shipping companies are under pressure to raise rates ahead of the annual contract negotiation season. Carriers have announced new FAK (Freight All Kinds) rates, effective from November 1st, ranging between $2,600 and $2,700 per 40-foot container to limit future price declines.
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
