SOMETHING like the old normal regarding freight rate fluctuations has returned to Drewry's World Container Index throughout November.
Year-on-year rates are shockingly extreme, but the composite index rates have fallen 43 per cent, while week to week, it fell two per cent to US$1,467/FEU.
The most extreme annual change was the Shanghai-Genoa rates with its 57 per cent drop and only a one per cent slip week to week at $1,449/FEU.
Big differences appeared between headhaul and backhaul on the Shanghai-Rotterdam run. Westbound rates fell 45 per cent yearly to $1,227/FEU, while eastbound rates fell 45 per cent to $466/FEU year on year.
The only annual increase in November's tally was the four per cent rate hike from Shanghai to Los Angeles to $2,208/FEU. Backhaul, LA to Shanghai was down 35 per cent to $771/FEU.
With the Panama Canal suffering low water from drought, the all-water route suffered a 48 per cent annual drop to $2,621/FEU.
from: shippingazette