The World Container Index assessed by Drewry, a composite of container freight rates on 8 major routes to/from the US, Europe and Asia, is up by 2.4% to $1440.99/40ft container [updated Thurs, 18 Jan 18].
Two-year spot freight rate trend for the World Container Index:
The average composite index of the WCI, assessed by Drewry for year-to-date, is US $1,420/40ft container, which is $162 lower than the five-year average of $1,581/40ft container.
GRIs from Asia to the US East Coast gathered traction this week with the World Container Index on Shanghai-New York strengthening by $429 per feu to reach $2,869. Meanwhile, rate hikes during the first week of January to the US West Coast crumbled and rates on Shanghai-Los Angeles lost $51 per feu this week. Rates on Asia-North Europe route were stable this week while rates on Shanghai-Genoa gathered $61 to reach $1,491 for a 40ft box. We expect the demand spike before the Chinese New Year holidays to result in a volley of rate hike attempts from carriers.
