Source: Kanok Sulaiman / Shutterstock.com Aggregate spot rates on eight major east-west trades are up 102 percent from the same time last year, according to maritime consultant Drewry’s latest World Container Index report.
As of Thursday, April 20, the World Container Index, a composite of pricing on eight major east-west trades between the United States, Europe and Asia, stood at $1449.91 per 40-foot container (FEU).
Year-to-date, the composite index has averaged $1,602 per FEU, also double where it stood a year ago, but still $118 lower than the 5-year average of $1,721 per FEU, Drewry said.
Spot rates from Europe to Asia last week jumped 10 percent from the previous week, the fourth consecutive week-over-week increase, “because of a space crunch at European ports, which we expect to persist till end-May.” Westbound Asia-Europe rates, on the other hand, slipped 1 percent last week.
Drewry noted that rates from Asia to the U.S. also fell 4 percent from the previous week as “shipping lines failed to implement the 15 April transpacific GRIs,” adding that the firm expects rates to continue to fall this week.