The Drewry World Container Index (WCI) fell by 5% to $1,859 per FEU, marking its first weekly decline after four consecutive weeks of gains.

Spot market rates on the trans-Pacific trunk routes have experienced a significant double-digit decline. Specifically, the freight rate from Shanghai to New York dropped by 15% to $3,254 per 40-foot container, while the rate from Shanghai to Los Angeles decreased by 12% to $2,328. Although shipping companies previously managed to sustain rates in the short term by implementing the General Rate Increase (GRI), the weakening demand for transportation followed as retailers completed their holiday inventory stocking. This week, freight rates have shown signs of softness. In light of this, Drewry anticipates a slight downward trend or stabilization in rates next week.

In contrast, freight rates for the Shanghai-Europe route have seen a rebound. The Shanghai-Genoa route experienced a 4% increase, reaching $2,193 per FEU, while the Shanghai-Rotterdam route rose by 3%, hitting $2,028 per FEU. Shipping companies operating on the Asia-Europe route are attempting to boost spot market freight rates by announcing a new uniform freight rate (FAK) effective from November 15. The standard is set at $3,000 to $3,650 per 40-foot container, aiming to elevate spot freight rates ahead of the new annual contract negotiation season.