Drewry: World Container Index down 1% this week

Carriers are expected to attempt rate hikes for the second half of October, which should result in an upward rate movement next week, according to London-based maritime consultant Drewry.    The World Container Index, a composite of container freight rates on eight major routes to and from the United States, Europe and Asia, fell 0.8 percent this week to $1,282.1 per 40-foot container (FEU), according to an Oct. 12 assessment by London-based research and consulting services firm Drewry.
   Although the composite index down by just under 1 percent this week, Drewry said, it is up 1 percent from the same period in 2016.
   The average composite index of the WCI, assessed for year-to-date, is $1,527 USD per 40-foot container Drewry said, which is $107 lower than the five-year average of $1,622/40ft. container. This is also 1 percent lower than a year ago.
   Additionally, Drewry said its composite index lost another $10 per FEU this week to reach $1,282, with freight rates having dropped after the Golden Week holidays in China. The World Container Index between Shanghai and Rotterdam lost $48 for a 40-foot box this week to reach $1,277, and the rates on Shanghai-New York declined by $20 to reach $1,940 per 40-foot box.
   The rates from Shanghai to Los Angeles, on the other hand, gathered $26 to reach $1,465 per FEU, according to data.
   “Carriers will attempt rate hikes for the second half of October and this should result in an upward rate movement next week,” Drewry said in a statement.