The Drewry World Container Index increased by 4% this week to reach $1,822 per 40ft container marking a third consecutive week of increases after 3 weeks of continuous decline.

Spot prices recorded in Shanghai showed significant increases on major trade routes. Rates to Los Angeles increased 6% to $2,438 per 40ft container, while rates to New York rose by 4% to $3,568 per 0ft container. On the Asia-Europe trade, rates from Shanghai to Rotterdam increased by 3% to $1,795 per 40ft, and rates to Genoa rose by 5% to $1,955 per 40ft container.

The increases in rates were driven by the planned Rate Increases (GRIs) set to be implemented from 1 November, according to Drewry. On the Asia-Europe trade, carriers implemented higher Full Container Load (K) rates from 1 November to boost the spot rates ahead of the start of the new annual contract negotiations season【Multiple carriers announce freight rate hikes for November】.

, Drewry expects the current momentum to be short-lived, with rates expected to decline soon after the GRI implementation. The company’s Container Forecaster expects the balance of and demand to worsen over the next few quarters, leading to a decrease in spot rates.

The recent increases in freight rates come after a period of continued decline in the shipping market, reflecting the impact of carriers responding to changes in demand patterns and capacity dynamics amid ongoing volatility in global freight rates.