THE DREWRY World Container Index decreased by 3.4% to US$1680.73 this past week. The composite index has dropped by 68.8% when compared with the same week last year.
The latest WCI per 40-foot container is now 84% below the peak of US$10,377 reached in September 2021.
It is 37% lower than the 10-year average of US$2681, indicating a return to more normal prices, but remains 18% higher than average 2019 (pre-pandemic) rates of US$1420.
The average composite index for the year-to-date is US$1769 per 40-foot container, which is US$912 lower than the 10-year average (US$2,681 mentioned above).
Freight Rates on Shanghai – Rotterdam dropped 10% or US$166 to US$1449 per 40-foot container.
Similarly, spot rates from Shanghai – Genoa also declined 7% or US$150 to reach US$1888 per FEU.
Rates on Rotterdam – Shanghai diminished 3% or US$16 and stood at US$500 per 40-foot box.
Likewise, rates from New York – Rotterdam and Shanghai – New York inched down by 2% to US$739 and 1% to US$3398 per 40-foot container respectively.
Conversely rates on Shanghai – Los Angeles increased by 2% or US$37 to US$2254 per FEU.
Moreover, spot rates from Los Angeles – Shanghai and Rotterdam – New York remained static at the previous week’s level. Drewry expects East-West spot rates to remain stable in the next few weeks.
The Drewry WCI measures ocean freight rate movements of 40-foot containers in seven significant maritime trade lanes.