According to Drewry's latest Global Shipping Markets report, the World Containerized Freight Composite Index (WCI) fell 0.9% to $7,657.20 per 40ft container. The WCI average composite index assessed by Drewry so far this year is $8,768 per 40-foot container, which is $5,439 above the five-year average of $3,329 per 40ft container.

Ocean rates from Shanghai to Rotterdam decreased by 2% or $163 to $9,824 per FEU;

Shanghai - New York spot rates decreased by 3% or $338 to $10,926 per 40ft container;

Shanghai - Genoa rates decreased by 1% or $172 to $11,736

Rotterdam - Shanghai rates decreased by $21 to $1,430 per 40ft container.

However, Shanghai-Los Angeles and Los Angeles-Shanghai freight rates rose 1% to $8,666 and $1,286 per FEU; Rotterdam-New York and New York-Rotterdam rates hovered near the levels of previous weeks. Drewry expects spot rates to hold steady in coming weeks.

Of the 734 sailings on major trans-Pacific, transatlantic and Asia-Nordic and Mediterranean routes, there are 58 cancellations have been announced between weeks 20 and 24, according to the latest data from Drewry.

Among these canceled sailings, there is 83% of the sailings on trans-Pacific eastbound routes, primarily to the US West Coast. Specific to the canceled sailings for the next five weeks, The Alliance announced 20 cancellations, followed by 2M and Ocean Alliance with 18 and 9 cancellations respectively.

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