Average spot rates on most Intra-Asia container trade lanes weakened again in the first two weeks of September, according to Drewry’s new Intra-Asia Container Index (IACI).
Drewry’s new composite Intra-Asia Container Index (IACI), a weighted average of spot container freight rates, decreased 25% to $668 per 40ft container in the past fortnight and has fallen back 35% since its recent peak of $1,025 in the second fortnight of July.
Much like Drewry’s World Container Index (WCI), one of the most followed industry indices for East-West trade lane spot rates, IACI will be an open-access resource allowing shipping stakeholders to follow the pulse of one of the world’s most important container shipping markets.
IACI is a volume-weighted index of spot container freight rates on 18 large Intra-Asia trade lanes to and from China, 3 North/East Asian countries (Japan, South Korea and Taiwan), 5 South East Asian countries (Indonesia, Malaysia, Philippines, Thailand and Vietnam) and 2 South/West Asia countries (India and the United Arab Emirates).
“As growth in container shipping shifts from inter-continental to intra-regional trades, monitoring these trades is now far more important than was the case 13 years ago, when we launched the World Container Index,” said Philip Damas, head of Supply Chain Advisors and managing director of Drewry.
Drewry has noted increasing volatility in Intra-Asia spot rates over recent years, with rates rising strongly this summer and now correcting downwards sharply with softening regional demand.
IACI is the first of a number of Intra-Asia container market intelligence resources and tools to be launched by Drewry’s offices in Asia. In early October, Drewry will launch a new, online Intra-Asia Container Market Insight annual subscription service priced at $2,275. The service will available on the Drewry OnDemand platform.
