THE DREWRY World Container Index has decreased by 1.5% to US$1369.06 this past week.

The composite index and has dropped by 60.7% when compared with the same week last year.

The latest Drewry WCI composite index is now 4% below than average 2019 (pre-pandemic) rates of US$1420 and is the lowest for three years.

The average composite index for the year to date is US$1729 per 40-foot container, which is US$948 lower than the 10-year average rates of US$2677 (which was inflated by the exceptional 2020-22 Covid period).

Freight rates on New York – Rotterdam decreased by 8% to US$677 per 40-foot container.

Similarly, rates on Shanghai – Genoa decreased by 4% to US$1413 per 40-foot box.

Likewise, rates on Rotterdam – New York, Shanghai – New York, Rotterdam – Shanghai and Shanghai – Rotterdam dropped by 2% to US$1535, US$2630, US$460 and US$1010 per FEU respectively.

Conversely, rates on Los Angeles – Shanghai increased by 1% to US$831 per 40-foot box.

While rates on Shanghai – Los Angeles remained stable. Drewry anticipates East-West spot rates trend 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.