The Drewry World Container Index (WCI) increased by 4% to reach $1,822 per 40-foot container. This marks the third consecutive week of increase after a long decline lasting 17 weeks.
Spot rates from Shanghai to Los Angeles rose by 6% to $2,438 per 40-foot container, and to New York by 4% to $3,568. Drewry expects a slight price increase next week with the implementation of GRIs on November 1st. However, this momentum will be short-lived, and prices are expected to fall again soon.
Spot rates from Shanghai to Rotterdam increased by 3% to $1,795 per 40-foot container, and from Shanghai to Genoa by 5% to $1,955. Carriers on the Asia-Europe trade route are trying to push spot rates up by implementing FAK rate increases effective from November 1st, aiming to increase spot rates before the new annual contract negotiation season begins.
The Drewry Container Forecaster predicts that the supply-demand balance will weaken over the next few quarters, which will cause spot rates to contract.
7DENIZ
