Further marginal decline in east-west ocean freight spot rates
A further softening of the 1 August hikes saw headhaul rates on both the Asia-Europe and Transpacific trades decline marginally this week, according to the World Container Index, assessed by Drewry.
Rates on the Shanghai-Rotterdam route were down $50 to $1,751 for a 40ft box. Similarly, the rates from Shanghai to New York slid by $31 to reach $2,665 for a 40ft box, and those from Shanghai to Los Angeles fell by $19 from the last week to $1,657.
Drewry expects rates to stabilise next week as space gets tight on vessels leaving Asia because of the upcoming peak season.
The overall composite index of container freight rates on eight major routes to/from the US, Europe and Asia, was down by 1.5% to $1,567.66/40ft container.
For the year to date, the average composite index of the WCI, assessed by Drewry, is US $1,544/40ft container, which is $111 lower than the five-year average of $1,655/40ft container. It is also 23% higher than a year ago.