Spot container freight rates are increasing

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Spot container rates would seem to be turning a corner with key indexes starting to rise after the collapse seen over the previous year.

Both the Drewry World Container Index (WCI) and the Shanghai Containerized Freight Index (SCFI) posted gains this week.

The SCFI edged up 3.42 points last week to 1037.07 points, posting an 8% week-on-week improvement last week.

The Drewry WCI composite index was also up 4% this week to $1,774 a feu. This is still 83% below the September 2021 peak of $10,377 per feu, but shows movement in a positive direction with a rebound in interest rates in China’s export trade.

On the transpacific, Shanghai – New York freight rates increased 12%, or $297, to $2,849 per FEU, while Shanghai – Los Angeles rates increased 11%, or $182, to $1,856 per FEU.

Drewry was also positive about the prospects, with the exception of transatlantic trade, which has lasted much longer than transpacific and Asia-Europe trades.

“Drewry expects east-west spot rates on routes other than the transatlantic to rise over the next few weeks,” its weekly report said.

Source: News Network

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