The Drewry World Container Index saw a rise of 3% this week, reaching $1,746 per 40-foot container. This marks the second consecutive week of increases, following a significant 17-week downturn.
Transpacific routes particularly benefited from this uptick, with spot rates from Shanghai to Los Angeles climbing 4% to hit $2,290 per container, while the Shanghai to New York route surged 6% to $3,420. Drewry analysts anticipate that rates may see further slight increases in the coming week due to General Rate Increases (GRIs) set to take effect in mid-October.
In Asia-Europe routes, rates also improved, with the price for shipping a container from Shanghai to Rotterdam increasing by 4% to $1,736, and from Shanghai to Genoa rising 2% to $1,855. With the annual contract negotiation period approaching, carriers are under pressure to foster higher prices.
To mitigate fluctuating rates, carriers have introduced new Freight All Kinds (FAK) rates starting November 1, estimated between $2,600 and $2,700 per 40-foot container. Additional GRIs are scheduled for November 1 and November 15, although Drewry’s Container Forecaster predicts a potential softening in spot rates in the coming quarters due to an expected weakening of the supply-demand balance.
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