THE DREWRY World Container Index decreased by 7.1% this past week to US$1561.30 per 40-foot container.

The composite index has dropped by 68.4% when compared with the same week last year.

The latest Drewry WCI is now 85% below the peak of US$10,377 reached in September 2021.

The index is 42% lower than the 10-year average of US$2680, indicating a return to more normal prices, but remains 10% higher than average 2019 (pre-pandemic) rates of US$1420.

The average composite index for the year-to-date is US$1763 per 40-foot container, which is US$917 lower than the 10-year average (US$2,680 mentioned above).

Freight rates on Shanghai – New York decreased by 11% or US$366 to US$3032 per 40-foot box.

Similarly rates on Shanghai – Rotterdam and Shanghai – Genoa decreased by 10% to US$1299 and US$1698 per 40-foot container respectively.

Rates on Shanghai – Los Angeles dropped by 4% or US$92 to US$2162 per 40-foot container.

Likewise rates on Rotterdam – Shanghai decreased by 3% or US$15 to US$485 per 40-foot box and rates on New York – Rotterdam dropped by 1% or US$5 to US$734 per FEU.

Rates on Los Angeles – Shanghai and Rotterdam – New York remained stable at the previous week’s level.

Maritime consultancy Drewry expects East-West spot rates trend to remain close to current levels, overall, in the next few weeks.

The Drewry WCI measures ocean freight rate movements of 40-foot containers in seven significant maritime trade lanes.