If I am not mistaken, shipping rates for tanker and dry bulk were down to its lowest in February 2023; thereafter returned to higher rate in March 2023 as in December 2022 and remains constantly stable as at today.
Huangbk72 has the good point. Thank you so much. So profitability for shipping and logistics is expected to be lower compared to quarter of October to December 2022 and recovery for shipping and logistics may start from end of March 2023 due to higher shipping fees starts from end of March 2023 onwards.
Source: Drewry World Container Index, Drewry Supply Chain Advisors
Our detailed assessment for Thursday, 03 August 2023 The composite index has increased by 11.8% to $1,761.33 this week, and has dropped by 73.4% when compared with the same week last year.
The latest Drewry WCI composite index of $1,761.33 per 40-foot container is now 83% below the peak of $10,377 reached in September 2021. It is 34% lower than the 10-year average of $2,684, indicating a return to more normal prices, but remains 24% higher than average 2019 (pre-pandemic) rates of $1,420.
The average composite index for the year-to-date is $1,770 per 40ft container, which is $914 lower than the 10-year average ($2,684 mentioned above).
The composite index increased by 11.8% to $1,761.33 per 40ft container and is 73.4% lower than the same week in 2022. Following 4 consecutive weeks of increases, this week’s composite index is the highest since the second week of May 2023. Freight rates on Shanghai – Rotterdam surged by 25% or $328 to $1,620 per 40ft container. Likewise, Shanghai – Los Angeles rates expanded by 11% or $235 to $2,322 per 40ft box. Similarly, rates on Shanghai – Genoa and Shanghai – New York rose by 9% to $2,070 and $3,330 per 40ft container. However, rates from Rotterdam – Shanghai declined by 1% or $7 to stand at $520 per feu. Moreover, spot rates from Los Angeles – Shanghai, New York – Rotterdam and Rotterdam – New York remained static at the previous week’s level. Drewry expects East-West spot rates to be "stable, overall" in the next few weeks.
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