THE DREWRY World Container Index decreased by 1.6% to US$1739.59 per 40-foot container this past week.
The WCI has dropped by 69.3% when compared with the same week last year.
The index is now 83% below the peak of US$10,377 reached in September 2021. It is 35% lower than the 10-year average of US$2682, indicating a return to more normal prices, but remains 22% higher than average 2019 (pre-pandemic) rates of US$1420.
The average composite index for the year-to-date is US$1,771 per 40-foot container, which is US$910 lower than the 10-year average.
Freight Rates on Shanghai – Rotterdam dropped 4% or US$73 to US$1615 per 40-foot container.
Similarly, spot rates from Rotterdam – Shanghai also declined 3% or US$16 to reach US$516 per FEU.
Rates on New York – Rotterdam diminished 2% or US$19 and stood at US$757 per 40-foot box.
Likewise, rates from Shanghai – Genoa, Shanghai – Los Angeles and Rotterdam – New York inched down by 1% to US$2038, US$2217 and US$1562 per 40-foot container respectively.
However, rates on Los Angeles – Shanghai and Shanghai – New York 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.