SIMIC

THE composite index saw a one per cent decline, settling at US$3,733 per FEU, marking a substantial 91 per cent increase from the same week last year, reports London's Drewry Maritime Research.

This latest figure is notably 163 per cent higher than the pre-Covid crisis average of $1,420 in 2019.



Year-to-date, the average composite index stands at $3,546 per FEU, significantly surpassing the 10-year average of $2,689, which was notably inflated due to the unique circumstances of the Covid period spanning from 2020 to 2022.



In specific trade routes, freight rates experienced fluctuations. Shanghai to Rotterdam and Rotterdam to Shanghai rates decreased three per cent, with declines of $138 and $32 respectively, settling at $4,288 and $958 per FEU.



Similarly, rates for Los Angeles to Shanghai and Shanghai to New York dropped two per cent, marking decreases of $17 and $98, with rates ending at $709 and $6,170 per FEU respectively.



Conversely, rates on the Shanghai to Genoa route saw a one per cent decrease, amounting to a $52 reduction to $5,173 per FEU.



On the other hand, rates surged on the Rotterdam to New York route, 10 per cent, increasing $195 to reach $2,173 per FEU.



Meanwhile, rates for New York to Rotterdam increased two per cent, rising $12 to $623 per FEU.



Rates for Shanghai to Los Angeles remained stable. Drewry anticipates a slight reduction in spot rates post the Chinese New Year festivities. However, it forecasts stable freight rates for the transatlantic trade route in the upcoming week.