According to Japan International Freight Forwarders Association (JIFFA), Drewry’s World Container Index (WCI) dropped again in Week 29, falling 2.6% to US$2,602 per FEU. This marks the fifth straight week of declines.
Compared to the same week last year, the index is now down a sharp 56%.
The market had seen a jump in rates earlier this year after the U.S. announced higher tariffs in April. Spot rates surged in May and peaked in early June. But that momentum didn’t last. Rates have now been falling steadily since mid-June.
Trans-Pacific lanes were hit in Week 29. Rates from Shanghai to Los Angeles fell 4% to US$2,817 per FEU, while Shanghai to New York dropped 6% to US$4,539 per FEU.
Even with the weekly losses, both lanes remain above where they were in early May. Rates to Los Angeles are still 4% higher, and rates to New York are up 24% from May 8.
Still, the outlook isn’t promising. Drewry says spot rates on these trades will likely keep falling as demand stays soft.
