One swallow doesn't make a summer, but the Drewry's World Container Index dropped a tiny bit again this week. In addition to stable rates, Freightos sees "a welcome first hint of recovery from the disruptions" in the decline in the number of ships waiting for a place in the largest port in the United States.
De Drewry's World Container Index fell 0,2% this week to $9.359,10 per 40-foot container. That is still 80% higher than the same week last year. Freight rates on the Shanghai – New York route rose 2% to $13.437 per large container, but those on Shanghai – Los Angeles and vice versa fell 1% to $1.250 per 40-foot container. Similarly, rates for Rotterdam – Shanghai and New York – Rotterdam each fell 3% to $1.396 and $1.235 per container, respectively. The prices on Shanghai – Rotterdam, Shanghai – Genoa and Rotterdam – New York fluctuated around the level of the previous weeks. Drewry does not expect any major fluctuations in rates in the coming weeks.
Traffic jam at Port of LA is getting shorter
In addition to rates appearing to remain stable, the number of ships waiting at the largest port in the United States, Los Angeles/Long Beach (see photo), has fallen by almost 30% since early January to fewer than eighty ships . Although this is still a huge backlog, container shipping service providers see Freightos in this development "a welcome first hint of recovery from disruptions that have impacted U.S. importers and exporters."
However, Freightos expects that rising marine fuel prices will continue to put upward pressure on maritime shipping, even as volumes and demand decline.