Drewry: World Container Index Down by 0.5% on Week
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 down by 0.5% to US$1449.91/40ft container [updated Thurs, 20 Apr 17].
The composite index is down by 0.5% this week and it is up by 102% from the same period of 2016.
The average composite index of the World Container Index assessed by Drewry for the year to date is US$1,602/40ft container, $118 lower than the 5-year average of $1,721/40ft container. It is also double the price of a year ago.
Spot rates from Europe to Asia have increased by 10% this week, representing the fourth consecutive week of price rise. Rates on this trade are rising because of a space crunch at European ports, which we expect to persist till end-May. By contrast, the rates from Asia to Europe have decreased by 1% this week.
Shipping lines failed to implement the 15 April transpacific GRIs, which led to a decrease of rates from Asia to the US of 4% this week. Drewry expects rates to slide down again next week.