According to Drewry’s new Intra-Asia Container Index (IACI), which was introduced on September 17, 2024, average spot rates on the majority of intra-Asia container trade lanes declined once further in the first two weeks of September.
According to the most recent data, IACI, a weighted average of spot container freight rates, dropped 25% to $668 per 40-foot container in the previous two weeks and has subsequently dropped back 35% from its recent peak of $1,025 in the second fortnight of July.
Like the World Container Index (WCI) of Drewry, IACI will act as an open-access resource for shipping stakeholders. This will allow the stakeholders to follow container shipping markets’ pulse.
18 major intra-Asia trade lanes to and from China, three North/East Asian nations (Japan, South Korea, and Taiwan), five South East Asian nations (Indonesia, Malaysia, Philippines, Thailand, and Vietnam), and two South/West Asian nations (India and the United Arab Emirates) are included in the volume-weighted index of spot container freight rates known as IACI. The update also stated that the index will be available to registered users on the Drewry website every two weeks, along with indices for eight prominent regional trade routes.
Philip Damas, Head of Supply Chain Advisors and Managing Director at Drewry, emphasized the importance of monitoring of these trades. It is because of the shift in the growth of container shipping trading.
The update also stated that Drewry has observed a rise in intra-Asia spot rate volatility in recent years, with rates climbing sharply this summer and abruptly correcting lower with declining regional demand.
