The Drewry World Container Index increased 2% to $1,687 per 40ft container this week, marking the first increase following 17 consecutive weeks of decline.

Spot rates from Shanghai to Los Angeles increased 1% to $2,195 per 40ft container and those to New York rose 1%, reaching $3,236. According to Drewry’s assessment, further rate hikes are expected next week, driven by General Rate Increases (GRIs) that carriers implemented yesterday. However, this momentum is expected to be short-lived, with rates likely to decline soon. Carriers could follow up with new GRI attempts on November 1 and November 15 to counteract this drop, if it happens.

Spot rates on the Asia–Europe route showed modest increases this week. The rate from Shanghai to Rotterdam jumped 6% to $1,669 per 40ft container and from Shanghai to Genoa rose 2% to $1,821. These increases follow an industry-wide effort by carriers that introduced new Freight All Kinds (FAK) rates effective October 15 to stop the market’s post-Golden Week rate slump.

Drewry’s Container Forecaster expects the supply-demand balance to weaken in the next few quarters, which will cause spot rates to contract.