DREWRY’S composite World Container Index decreased by 9% to US$2773.49 per 40-foot container this week.

The composite index decreased by 9% this week, the 37th consecutive weekly decrease, and has dropped by 70% when compared with the same week last year.

The latest Drewry WCI composite index of US$2773 per 40-foot container is now 73% below the peak of US$10,377 reached in September 2021.

It is 26% lower than the 5-year average of US$3759, indicating a return to more normal prices, but remains 115% higher than average 2019 (pre-pandemic) rates of US$1420.

The average composite index for the year-to-date is US$7018 per 40-foot container, which is US$3259 higher than the five-year average (US$3759 mentioned above).

Freight rates on Shanghai – Rotterdam and Shanghai – Genoa dropped 15% each to US$3126 and US$3494 per FEU respectively.

Spot rates on Shanghai – New York fell 6% or US$343 to US$5351 per 40-foot box.

Similarly, rates on Shanghai – Los Angeles slid 4% to US$2262 per 40-foot container.

Likewise, rates on Rotterdam – New York and Rotterdam – Shanghai fell 1% each to US$7336 and US$867 per FEU, respectively.

However, rates on Los Angeles – Shanghai gained 2% to US$1186 per 40-foot box.

Rates on New York – Rotterdam hovered around the previous week’s level. Drewry expects smaller week-on-week reductions in rates in the next few weeks.