THE DREWRY World Container Index decreased by 3.5% to $1768.33 per 40-foot this past week week.

It has dropped by 70.5% when compared with the same week last year.

The latest Drewry WCI composite index is now 83% below the peak of $10,377 reached in September 2021.

It is 34% lower than the 10-year average of $2682, indicating a return to more normal prices, but remains 24% higher than average 2019 (pre-pandemic) rates of $1420.

The average composite index for the year-to-date is $1,772 per 40ft container, which is $910 lower than the 10-year average.

Freight Rates on Shanghai – Rotterdam and Shanghai – Los Angeles decreased by 5% to $1,688 and $2,240 per FEU respectively.

Likewise, rates on Shanghai – New York and New York – Rotterdam decreased by 3% to $3425 and $776 per 40-foot container respectively.

Similarly rates on Rotterdam – Shanghai and Shanghai – Genoa decreased by 1% to $532 and $2059 per 40-foot box respectively.

Conversely, rates on Rotterdam – New York increased by 1% or $8 to $1585 per FEU and rates on Los Angeles – Shanghai remained stable at the previous week’s level.

Drewry expects East-West spot rates to remain stable in the next few weeks.

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