THE DREWRY World Container Index increased by 15% this past week to $3072 per 40-foot container.

The composite index has increased by 44% when compared with the same week last year.

The Drewry World Container Index for the week ending 12 January 2024. Source: Drewry

The latest WCI is the highest since October 2022 and is 116% more than average 2019 (pre-pandemic) rates of $1420.

The average composite index for the year to date is $2871 per 40-foot container, which is $196 lower than the 10-year average rate of $2675 (which was inflated by the exceptional 2020-22 covid period).

Freight rates on Shanghai to Genoa increased by 25% to $5213 per FEU.

Rates on Shanghai to Rotterdam rose by 23% to $4406 per 40-foot box.

Likewise, rates on Rotterdam to Shanghai elevated by 19% to $652 per 40-foot container.

Similarly, rates on Shanghai to New York increased by 8% to $4170 per FEU.

Also, rates on Shanghai to Los Angeles increased by 2% to $2790 per 40-foot box.

In the same way, rates on New York to Rotterdam and Rotterdam to New York surged by 1% to $599 and $1513 per 40-foot box respectively.

Conversely rates on Los Angeles to Shanghai dropped by 1% to $766 per 40-foot box.

Drewry anticipates East-West spot rates to increase in the coming weeks, due to the Red Sea/Suez situation.

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