The World Container Index’s composite index, an average of spot freight rates on eleven global east-west routes connecting Asia, Europe, and the United States, reached a record low of $701 per 40-foot container.

This was the lowest reading since the World Container Index starting tracking weekly transatlantic,

transpacific, and Asia-Europe rates in June 2011.

The index rate assessments for the Shanghai-Rotterdam and the Shanghai-Genoa routes also fell to all-time lows of $354 and $341 per 40-foot box, respectively, while the latest Shanghai-Los Angeles rate of $878 per 40 footer was marginally higher than the record low for that route.

“The World Container Index’s composite index is now 60 percent lower than the average of the past five

years and has decreased by 62 percent in the past year,” said Richard Heath, director of WCI.

“Rate reductions are spreading across all routes, as the shipping market continues to soften,” added Philip Damas, director at Drewry, which jointly owns WCI with Cleartrade Exchange. “This

is good news for shippers’ cost budgets, as the latest average index value represents an expense of less than 10 cents per kilometer and makes products competitive even in remote markets.”

The World Container Index is the only weekly container pricing index which is independent of

carriers and government authorities.