Drewry's World Container Index (WCI) saw a 1% decrease this week, settling at $1,899 per 40-foot container. This marks the seventh consecutive weekly decline.
The drop was primarily influenced by rates on Transpacific and Asia-Europe trade routes. Specifically, Shanghai-Rotterdam rates fell by 1% to $2,094 per container, and Shanghai-Genoa rates declined by 2% to $2,826.
While volumes typically see a rebound in March as Asian factories resume operations, rates are anticipated to remain under pressure due to increasing capacity. Drewry forecasts that spot rates on Asia-Europe trades will likely soften in the coming weeks.
On the Transpacific route, Shanghai-Los Angeles rates decreased by 1% to $2,191 per container. Shanghai-New York rates, however, remained stable at $2,771.
Carriers have announced nine blank sailings for the upcoming week on Transpacific East and West Coast trade lanes. This number is lower than the current week's figures, reflecting the gradual return of factories to full production following the Chinese New Year. Drewry expects Transpacific rates to hold steady next week.
Meanwhile, the Trump administration is reportedly exploring alternative measures to reinstate tariffs, following a U.S. Supreme Court ruling that deemed last April's tariffs illegal. Potential options include an immediate 10% global tariff, with plans to potentially increase it to 15%. These developments suggest ongoing policy uncertainty.
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