THE WORLD Container Index decreased by 1.3% this past week to $1474.32 per 40-foot container. The index and has dropped by 79.1% when compared with the same week last year.
The latest Drewry WCI composite index is now 86% below the peak of $10,377 reached in September 2021.
It is 45% lower than the 10-year average of $2688, indicating a return to more normal prices, but remains 4% higher than average 2019 (pre-pandemic) rates of $1420.
The average composite index for the year-to-date is $1797 per 40-foot container, which is $891 lower than the 10-year average.
Freight rates on Rotterdam – New York plunged 25% or $667 to reach $2003 per FEU.
Likewise, rates on Los Angeles – Shanghai dropped 14% or $146 to $876 per 40-foot box.
Also, spot rates from New York – Rotterdam declined 7% or $57 to $736 per 40-foot container.
Rates on Rotterdam – Shanghai fell 5% or $31 and stood at $544 per FEU, and Shanghai – Genoa inched down by 2% or $41 to $1993 per FEU.
On the contrary, rates from Shanghai – Los Angeles increased 4% or $57 to $1638 per 40-foot container.
Freight rates on Shanghai – New York and Shanghai – Rotterdam surged 3% and 2% to $2590 and $1,345 per 40-foot container, respectively.
Drewry expects East-West spot rates to decline on most routes in the next few weeks.