The Drewry World Container Index (WCI) fell 1% to $1,899 per 40ft container for the seventh consecutive week due to a decrease in rates on the Transpacific and Asia–Europe trade routes.
Spot rates on Asia–Europe trade routes continued to decline, with rates on Shanghai–Rotterdam falling 1% to $2,094 per 40ft container and those on Shanghai–Genoa dropping 2% to $2,826. Volumes typically rebound in March as factories across Asia reopen, but rates are expected to remain under pressure due to rising capacity. Hence, we expect spot rates on this trade to soften in the coming weeks.
Spot rates from Shanghai to Los Angeles decreased 1% to $2,191, while those on Shanghai to New York remained stable at $2,771 per 40ft container. According to Container Capacity Insight, 9 blank sailings have been announced for the next week on the Transpacific East and West Coast trade lanes, lower than this week, as factories gradually return to full production after CNY. Hence, Drewry expects spot rates on this trade to remain stable next week.
The Trump administration is exploring alternative measures to reinstate tariffs after the US Supreme Court ruled last April’s tariffs illegal, including an immediate 10% global tariff with plans to increase it to 15%, signalling policy uncertainty, Drewry commented.
(Photo of CMA CGM vessel in Singapore)