Dropping shipping rates Containers Globally for the fifth week, the “Drury” index records $1,933
Global container shipping rates continue to decline for the fifth week in a row, driven by weak demand for Trade lines mainland between Asia and Europe and across the Pacific.
This decline coincides with Chinese factories preparing to close on the occasion of the Chinese New Year, which prompted major shipping companies to cancel dozens of cruise trips in an attempt to control excess capacity.
Despite seasonal expectations that indicated an increase in demand, the markets have bucked the usual patterns this year, with expectations of a continued decline in the coming weeks if shipping rates remain at their current levels.
Shipping rates and data for canceled flights this week are as follows:
The Drury Global Index fell 1% to $1,933 per container.
The shipping price from Shanghai to Los Angeles decreased by 1% to $2,214.
The shipping price from Shanghai to New York decreased by 1% to $2,800.
The shipping price from Shanghai to Rotterdam decreased by 2% to $2,127.
The shipping price from Shanghai to Genoa decreased by 3% to $2,965.
The number of canceled flights on Pacific Airlines within two weeks reached 57 flights.
The number of canceled flights on Asian and European routes within two weeks reached 24.
