Drewry: Intra-Asia Container Index Up 10% Last Week
Drewry’s Intra-Asia Container Index (IACI) rose 10% this week to $1,199 per 40ft container. Middle East unrest continued to tighten the market, while poor weather caused further congestion across China. This was the fourth consecutive weekly increase in the index, with freight rates rising on most trade lanes. See detailed commentary below. Four consecutive weeks ...
Drewry reports a 10% increase in the Intra-Asia Container Index (IACI) to $1,199 per 40ft container last week. Middle East unrest and severe weather in China continued to impact the market, contributing to the index's rise. This marks the fourth consecutive weekly increase, pushing the IACI to a three-year high. Spot rates on trade lanes from China to Southeast and South Asia strengthened, with Shanghai-Lae M Chabang rates surging 27% and Shanghai-Manila rates increasing 24%.
Meanwhile, the Middle East crisis exacerbated congestion at South Asian ports, particularly at Jawaharlal Nehru Port. Average vessel waiting times in Week 34 reached 36 hours, up from 28 hours in Week 33. Drewry anticipates further rate increases due to ongoing weather disruptions and port congestion. Capacity additions, such as CULines' new JSM service, will further enhance connectivity between Japan and key markets in South Asia, the Middle East, and the Red Sea.
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