THE DREWRY World Container Index decreased by 5.2% to US$1479.48 per 40-foot container this week.
The composite index has dropped by 66.9% when compared with the same week last year.
The latest Drewry WCI is now 86% below the peak of US$10,377 reached in September 2021.
It is 45% lower than the 10-year average of US$2679, indicating a return to more normal prices, but remains 4% higher than average 2019 (pre-pandemic) rates of US$1420.
The average composite index for the year-to-date is US$1756 per 40-foot container, which is US$923 lower than the 10-year average.
Freight Rates on Shanghai – Genoa and Shanghai – Rotterdam dropped 10% or US$167 and US$127 to US$1531 and US$1172 per 40-foot container.
Similarly, spot rates from Shanghai – New York also declined 4% or US$132 to reach US$2900 per FEU.
Rates on Shanghai – Los Angeles dropped by 3% or US$58 to US$2104 per 40-foot box.
Likewise, rates from Rotterdam – New York and Los Angeles – Shanghai inched down by 2% to US$1534 and 1% to US$831 per 40-foot container respectively.
Conversely rates on New York – Rotterdam increased by 2% or US$13 to US$747 per FEU.
Moreover, spot rates from Rotterdam – Shanghai remained static on its previous week’s level.
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.