THE composite index for shipping has experienced a 2.5 per cent increase, reaching US$1,575.62 per FEU, reports the American Journal of Transportation.
However, when compared to the same week last year, it has seen a significant drop of 76.7 per cent.
The latest Drewry WCI composite index indicates a substantial decline of 85 per cent from its peak of $10,377 in September 2021.
It currently stands 41 per cent lower than the 10-year average of $2,684, signifying a return to more normal pricing levels. Nevertheless, it remains 11 per cent higher than the average rates from 2019 (pre-pandemic) at $1,420.
The year-to-date average composite index for a FEU is recorded at $1,770, which is notably $914 lower than the 10-year average mentioned earlier ($2,684).
Breaking down the recent changes, the composite index increased by 2.5 per cent to $1,575.62 per 40ft container, but it is still 76.7 per cent lower than the same week in the previous year (2022).
Notably, freight rates on the Shanghai - Los Angeles route witnessed a significant six per cent surge or an increase of $122, amounting to $2,087 per FEU.
Similarly, rates on the Shanghai - New York route rose by five per cent or $143, reaching $3,049 per FEU.
However, rates from Rotterdam - New York decreased three per cent, falling $50 to $1,590 per FEU.
Additionally, spot rates on several routes, including New York - Rotterdam, Rotterdam - Shanghai, Shanghai - Genoa, Los Angeles - Shanghai, and Shanghai - Rotterdam, remained stable at the previous week's levels.
Looking ahead, Drewry anticipates a slight decline in east-west spot rates on most routes in the coming weeks.