Spot container rates float back up

Drewry’s World Container Index stands at $1,759.86 per FEU, up 4 percent from last week and up 12.6 percent year-over-year.    Drewry’s World Container Index (WCI) — a composite of container spot rates on eight major routes to and from the United States, Europe and Asia — currently stands at $1,759.86 per FEU, up 4 percent from last week and up 12.6 percent year-over-year. The London-based shipping research and consulting firm said Thursday it expects rates to remain stable for next week.
   This news comes at a great time for carriers, considering second-quarter 2018 financial results are starting to surface, with many prominent carriers posting weaker financial results compared to a year prior, as lower spot rates and higher bunker costs have been top reasons given by the carriers.
   Drewry said Thursday that year-to-date the average composite index of the WCI was $1,415 per FEU, down 7 percent from the corresponding 2017 period.
   Several prominent ocean carriers, including Yang Ming, Evergreen Line, Hyundai Merchant Marine, and Hapag-Lloyd, all recently posted losses for the second quarter of 2018. CMA CGM has yet to release its financial results for the quarter, while A.P. Møller – Maersk, which slashed its full-year 2018 earnings forecast earlier this month, is slated to release its second quarter results tomorrow.