The World Container Index increased 5 percent since last week to $1,539 per FEU on the back of a final round of general rate increases before the annual Chinese New Year holidays.
The World Container Index (WCI) – a composite of container freight rates on eight major routes to and from the United States, Europe and Asia – increased 5 percent since last week to $1,539 per FEU, according to the latest assessment by London-based shipping consultancy Drewry.
The increase came on the back of a final round of general rate increases before the annual Chinese New Year holidays, when many businesses in Asia shut down for up to two weeks.
Although the composite index rose 5 percent this week, it’s still 13.9 percent lower than the same period in 2017.
The average composite index of the WCI, assessed by Drewry for year-to-date, is $1,453 per FEU, which is $122 per FEU lower than the five-year average of $1,575 per FEU.
Rates on the Shanghai-New York route increased by $61 per FEU to reach $2,944 per FEU this week, according to Drewry’s assessment. Similarly, rates on the Shanghai-Los Angeles route surged by $120 per FEU this week to reach $1,565 per FEU.
Meanwhile, rates on the Asia-Europe route also strengthened this week, with the Shanghai-Genoa route increasing by $107 per FEU to reach $1,634 per FEU, and the Shanghai-Rotterdam route rising by $95 per FEU to reach $1,813 per FEU.
“We expect the freight market to be buoyant until mid-February on the back of the pre-CNY (Chinese New Year) volumes,” Drewry said.
Drewry: World Container Index jumps 5%
