THE DREWRY World Container Index decreased by 6% over the past week, settling at US$1384 per 40-foot container this week and has dropped by 42% when compared with the same week last year.
The latest WCI composite index is now 3% less than average 2019 (pre-pandemic) rates of US$1420.
The average composite index for the year to date is US$1688 per 40-foot container, which is US$986 lower than the 10-year average rates of US$2674 (which was inflated by the exceptional 2020-22 covid period).
Freight rates on Shanghai to Los Angeles decreased by 9% or US$208 to US$2000 per FEU.
Likewise, rates on Shanghai to Rotterdam dropped by 6% or US$79 to US$1148 per 40-foot container.
Followed by rates on Shanghai to Genoa which declined by 5% or US$76 to US$1373 per 40-foot box.
Similarly rates on Shanghai to New York and Rotterdam to New York declined by 2% to US$2573 and US$1486 per FEU respectively.
Likewise, rates on Los Angeles to Shanghai shrank by 1% to US$765 per 40-foot container.
Conversely, rates on Rotterdam to Shanghai increased by 2% to US$474 per 40-foot box.
While rates on New York to Rotterdam remained stable.
Drewry anticipates East-West spot rates on lanes to remain close to current levels, overall, in the upcoming weeks.
The Drewry WCI measures ocean freight rate movements of 40-foot containers in seven significant maritime trade lanes.
