The Drewry World Container Index (WCI) fell 5 percent to US$1,859 per 40ft container, marking the first weekly decline after four consecutive weeks of increases.
© Drewry
Spot rates on the Transpacific headhaul recorded double-digit decreases. Rates from Shanghai to New York dropped 15 percent to US$3,254 per 40ft container, while rates to Los Angeles fell 12 percent to US$2,328. Carriers were briefly able to hold rates up using general rate increases (GRIs), but the effect was short-lived. With most retailers having already imported goods for the holiday season, demand has eased and rates have softened. Drewry expects rates to either soften slightly or remain stable next week.
© Drewry
On the Asia–Europe routes, spot rates increased. Rates from Shanghai to Genoa rose 4 percent to US$2,193 per 40ft container, and rates from Shanghai to Rotterdam increased 3 percent to US$2,028. Carriers on these routes are attempting to lift spot rates by introducing higher FAK rates, set between US$3,000 and US$3,650 per 40ft container, effective 15 November, ahead of the new annual contract negotiation period.
© Drewry
Drewry's Container Forecaster expects the supply-demand balance to weaken over the coming quarters, particularly if Suez Canal transits return to normal.
© DrewryFor more information:
Drewry
Tel: +44 (0) 207 538 0191
Email: [email protected]
www.drewry.co.uk
