Ports

Intra-Asia Container Rates Fall as Port Congestion Eases

Container rates on major intra-Asia routes declined as congestion at regional ports began to subside. Drewry's Intra-Asia Container Index fell 3% to $1,453 per 40ft container on October 15. Vessel waiting times improved across key hubs. Busan dropped to 23 hours from 26 hours the previous week, and Jawaharlal Nehru Port declined to 24 hours from 42. Rates from Shanghai to Busan dropped 8% to $1,000 per 40ft, while Shanghai to Nhava Sheva fell 11% to $3,370 per 40ft. Shanghai-Singapore rates decreased 7% to $1,973 per 40ft. North Asia's share of global port congestion eased to 37% from 50% the prior month. Subdued demand across Greater China and South Asia routes contributed to the rate declines.