The Drewry World Container Index increased 3% to $1,746 per 40-foot container this week, marking the second consecutive week of gains following a 17-week decline.

Transpacific routes showed notable increases, with spot rates from Shanghai to Los Angeles rising 4% to $2,290 per 40-foot container and Shanghai to New York climbing 6% to $3,420. According to Drewry’s analysis, “rates are expected to increase slightly next week due to the GRIs implemented mid-October”.

Asia-Europe routes recorded further gains, with the Shanghai to Rotterdam rate jumping 4% to $1,736 per 40-foot container and Shanghai to Genoa rising 2% to $1,855. Carriers face mounting pressure to lift prices ahead of the annual contract negotiation season.

To stabilize rates, carriers have announced new FAK rates effective November 1, ranging between $2,600 and $2,700 per 40-foot container. Additional General Rate Increases are planned for November 1 and November 15 as carriers attempt to secure higher prices before current increases lose effectiveness.

Despite the near-term rate increases, Drewry’s Container Forecaster projects that “the supply-demand balance will weaken in the next few quarters, which will cause spot rates to contract.”