The Drewry World Container Index (WCI) fell 8% to $1,761 per 40ft container, marking the 15th consecutive week of decline. Rates on major trade routes, including Transpacific and Asia–Europe, also continued to trend downwards.
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Spot rates from Shanghai to Los Angeles decreased 10% to $2,311 per 40ft container, while those from Shanghai to New York fell 8% to $3,278 per 40ft container. Despite a brief uptick in early September, the momentum from GRIs and blank sailings has subsided, leading to a reduction in rates.
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Asia–Europe spot rates also declined. Rates dropped 9% to $1,735 per 40ft container on Shanghai–Rotterdam and 7% to $1,990 per 40ft container on Shanghai–Genoa. Ocean carriers are reducing capacity to match slowing demand ahead of China's Golden Week holiday, when factories will close for eight days from 1 October. As a result, freight rates are expected to continue falling in the coming week.
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Drewry's Container Forecaster anticipates the supply-demand balance will weaken in the next few quarters, causing further contraction in spot rates.
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