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Hits:Updated:2022-11-11 14:11:49【Print】
Drury's World Container Index (WCI) rose 9% this week to close at $2,773, its lowest level in the past 24 months.
Cosco Shipping VIRGO/Source: Vessel Finder
After falling below the $3,000 mark, the index has lost 86% of its gains since the height of the Great Recession. Although a reduction in services was reported, particularly in trans-Pacific trade and a large number of blank voyages, this suggests that the slide in spot rates is not yet over.
The World Container Index is now 26% below its five-year average of $3,759. Spot rates on trade routes from China to Europe and the Mediterranean have fallen by 13 per cent and 15 per cent respectively.
Rates in the Shanghai-Rotterdam segment fell to US $3,126, while those in Shanghai-Genoa slid to US $3,494, down more than US $10,000 since a peak of US $13,765 in October 2021.
Sino-us trade rates have also been edging lower, but by less than the rate or weekly decline we witnessed in Central Europe in September 2022 and October 2022.
Spot Freight Rates on Major Routes - Drury's assessment of eight major East-West trades:
 Drury's comments remain dovish on interest rates, which are expected to remain modestly lower in the coming weeks. |
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