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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.

World Container Index assessed by Drewry 20 Apr 17

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:

Spot freight rates by route - assessed by Drewry