Drewry’s composite World Container Index (WCI) decreased by 2% to US$1,685.32 per 40ft container this week.
Source: Drewry World Container Index, Drewry Supply Chain AdvisorsThe index has dropped by 78% when compared with the same week last year. The latest Drewry WCI composite index of US$1,685 per 40-foot container is now 84% below the peak of $10,377 reached in September 2021.
Additionally, it is 37% lower than the 10-year average of US$2,688, indicating a return to more normal prices, but remains 19% higher than average 2019 rates of US$1,420.
The average composite index for the year-to-date is US$1,859 per 40ft container, which is US$828 lower than the 10-year average.
Meanwhile, freight rates on Rotterdam – New York fell 10% or US$465 to US$3,969 per FEU, while rates on Shanghai – New York slid by 2% to settle at US$2,760 per 40ft box.
Apart from the above trades, rates dipped by a meager 1% on the majority of others. Rates on Shanghai – Genoa and Shanghai – Rotterdam dropped to US$2,169 and US$1,530 per 40ft container, respectively.
Similarly, rates on Shanghai – Los Angeles and Los Angeles – Shanghai fell to US$1,798 and US$1,023 per FEU, respectively and those on Rotterdam – Shanghai dropped to US$587 per 40ft box.
However, rates on New York – Rotterdam inched up 1% to $844 per FEU with Drewry expecting East-West spot rates on routes other than the transatlantic to be stable in the next few weeks.
Spot freight rates by major route – Drewry’s assessment across eight major East-West trades:
