The composite index developed by Drewry, the World Container Index (WCI), contracted by 5%, settling at $1,669 per 40-foot container this week. This marks 16 consecutive weeks of declines and reaches the lowest level since January 2024.
Spot rates from Shanghai to Los Angeles decreased by 5% to $2,196 per 40-foot container, while those from Shanghai to New York fell by 2% to $3,200 per 40-foot container.
Spot rates between Asia and Europe fell again, decreasing for the tenth consecutive week, thus falling by 7% ($1,613 per 40-foot container) on Shanghai-Rotterdam and by 9% ($1,804 per 40-foot container) on Shanghai-Genoa.
“Shipping lines are increasing blank sailings and reducing their capacity to adapt to the slowdown in demand before China’s Golden Week, when factories will close for eight days starting October 1. As a result, East-West spot rates are expected to decrease in the coming weeks,” Drewry reported.
“Drewry’s container forecaster expects the supply and demand balance to weaken in the coming quarters, which will cause spot rates to contract,” it concluded.
