The World Container Index assessed by Drewry, a composite of container freight rates on 8 major routes to/from the US, Europe and Asia, was down by 0.5% to 1449.91$/FEU this week. But it was up by 102% from the same period of 2016.
The average composite index of the World Container Index assessed by Drewry for the year to date is 1,602 $/FEU, $118 lower than the 5-year average of 1,721 $. It is also double the price of a year ago.
Spot rates from Europe to Asia have increased by 10% this week, representing the fourth consecutive week of price rise. Rates on this trade are rising because of a space crunch at European ports, which we expect to persist till end-May. By contrast, the rates from Asia to Europe have decreased by 1% this week.
Shipping lines failed to implement the 15 April transpacific GRIs, which led to a decrease of rates from Asia to the US of 4% this week. Drewry expects rates to slide down again next week.
Spot freight rates by route – assessed by Drewry: