Drewry: Container Rates Rise 3% to $4,485 as Asia-Europe Lanes Lead Gains
The Drewry World Container Index rose 3% to $4,485 per container in week 42, driven by Asia-Europe lanes, and was 166% higher than a year earlier.
The Drewry World Container Index rose 3% to $4,485 per forty-foot equivalent unit (FEU) in week 42 of the year, according to Drewry's assessment released on October 15 and carried by Gulf Oil & Gas, driven mainly by higher rates on the Asia-Europe route.
The index was 166% higher than in the same period a year earlier.
On the Asia-Europe route, the Shanghai to Rotterdam rate increased 6% to $3,522, and Shanghai to Genoa rose 7% to $3,945.
On the trans-Pacific route, the Shanghai to Los Angeles rate rose 3% to $7,884, while Shanghai to New York fell 1% to $10,075. According to Drewry's Container Capacity Insight, six blank sailings have been announced for this week, unchanged from last week, indicating stable capacity. Drewry said strong US import demand continues to support high rates and expects rates to be less volatile this week.
What do these terms mean?
Drewry World Container Index: A weekly index measuring average freight rates for a standard container on major maritime routes, used as a benchmark for trade costs.
Forty-Foot Equivalent Unit (FEU): A unit of measurement equivalent to a 40-foot container, which is the most widely used format for measuring shipping volumes and rates.
Spot Freight Rate: The price paid to ship goods on short notice without a long-term contract, moving rapidly with supply and demand.
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