DREWRY’S composite World Container Index increased by 0.7% to US$2135.16 per 40-foot container this week – the first increase in 43 weeks.

While the index increased this week, it has dropped by 77% when compared with the same week last year.

The latest Drewry WCI composite index of US$2135 per 40-foot container is now 79% below the peak of US$10,377 reached in September 2021. It is 21% lower than the 10-year average of US$2694, indicating a return to more normal prices, but remains 50% higher than average 2019 (pre-pandemic) rates of US$1,420.

The average composite index for the year-to-date is US$2135 per 40-foot container, which is US$559 lower than the 10-year average (US$2694 mentioned above).

Freight rates on Shanghai – Rotterdam gained 10% or US$168 to US$1874 per FEU.

Spot rates on Shanghai – Genoa climbed 2% or US$47 to US$2926 per 40-foot box.

However, rates on Rotterdam – New York dropped 6% or US$400 to US$6589 per 40-foot container.

Rates on Los Angeles – Shanghai and Shanghai – New York fell 3% each to US$1138 and US$3788 per 40-foot box, respectively.

Rates on New York – Rotterdam slid 2% to US$1243 per FEU.

Similarly, rates on Rotterdam – Shanghai and Shanghai – Los Angeles slipped 1% each to US$785 and US$1964 per 40-foot container, individually.

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