East-west ocean freight spot rates slip further

10/2/2017

Average ocean freight spot rates on the main east-west trades have fallen again slightly over the past week, after lower-than-expected demand limited the effects of planned general rate increases at the start of this month.

The overall World Container Index, assessed by Drewry, dropped 1.2% this week to US $1,532/40ft container and is down by 4% from the same period of 2016.

Within this, average prices between Shanghai and Rotterdam lost another $84, or 5.5%, for a 40ft box this week to reach $1,451 after “less-than-expected demand has already watered down the GRIs in September”, Drewry noted.

On the transpacific, Drewry said “the hurricanes roiled volume to the East and Gulf Coast of the US, causing transpacific rates to see-saw”. While the rates from Shanghai to Los Angeles increased by $61 to reach $1,546 per feu, rates on Shanghai-New York declined by another $37 to reach $2,135 per 40ft box.