Trans-Atlantic eastbound rates dropped sharply for a third week while westbound rates remained the same again in the week of March 21, according to the latest release of the World Container Index.
World Container Index Rates Between New York and Rotterdam
Source: World Container Index
Rates from New York to Rotterdam fell almost 9 percent or $152 this week to $1,567 per 40-foot container. This decline follows drops of 10 percent and 5.8 percent in the prior two weeks, resulting in a 22.7 percent or $461 decline in the past three weeks. This is the steepest decline for such a span since June 2011, when JOC started collecting this data. The index is now 19.2 percent lower than it was at the beginning of 2013 and 20.3 percent lower than it was at this point last year.
Rates in the westbound Rotterdam-to-New York trade lane remained flat at $2,451 per FEU for a third week. The westbound index has shown little movement thus far in 2013, remaining only 0.3 percent higher than it was at the beginning of the year, when it was $2,443. It is 1.3 percent higher than it was at this point in 2012.
The Transpacific Stabilization Agreement has recommended a $600 per FEU increase to the U.S. East Coast on April 1. Shipping companies such as OOCL, CMA CGM and Maersk Line followed by announcing their own rate hikes for trans-Atlantic routes for the same day.