SOMETHING like the old normal in terms of freight rate fluctuation has returned to Drewry's World Container Index throughout November.
Year on year rates are shockingly extreme, with the composite index rates having fallen 43 per cent, while week-to-week prices only fell two per cent to US$1,467/FEU.
The most extreme annual change was the Shanghai-Genoa rules with its 57 per cent drop with only one per cent drop week to week at $1,449/FEU.
Big differences appeared between headhaul and backhaul on the Shanghai-Rotterdam run. Westbound rates fell 45 per cent year on year to $1,227/FEU while eastbound rates fell 45 per cent to $466/FEU.
The only annual increase spotted in November's tally was the four per cent rate hike from Shanghai to Los Angeles to $2,208/FEU. Backhaul, LA to Shanghai was down 35 per cent to $771/FEU.
With the Panama Canal suffering low water from drought the all-water route suffered a 48 per cent annual drop to $2,621/FEU.
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