DREWRY’S composite World Container Index decreased by 2% to US$1859.28 per 40-foot container last week.

The index is down 80% compared with the same week last year.

The latest Drewry WCI composite index of is now 82% below the peak of US$10,377 reached in September 2021.

It is 31% lower than the 10-year average of US$2691, indicating a return to more normal prices, but remains 31% higher than average 2019 (pre-pandemic) rates of US$1420.

The average composite index for the year-to-date is US$2015 per 40-foot container, which is US$676 lower than the 10-year average.

According to Drewry’s analysis, last week rates on Shanghai – New York slid by 4%, or US$109 to settle at US$2772 per 40-foot box.

Rates on Los Angeles – Shanghai fell 3% to US$1067 per FEU.

Rates on Shanghai – Genoa sank 2% to US$2477 per 40-foot container.

Source: Drewry Shipping Consultants

Similarly, rates on Rotterdam – Shanghai and Shanghai – Rotterdam also contracted by 2% each, to US$715 and US$1,593 per FEU, respectively.

Moreover, those on Shanghai – Los Angeles dipped a minuscule 1% to US$1948 per 40-foot box.

Likewise, rates on New York – Rotterdam and Rotterdam – New York slipped 1% each to US$1573 and US$5573 per FEU, respectively.

Drewry expects small week-on-week reductions in rates in the next few weeks.