DREWRY’S World Container Index decreased by 4% this past week, following eight consecutive week-on-week gains.

The index landed at US$3824 per 40-foot container this past week. It has increased by 88% compared with the same week last year.

The latest WCI composite index is the highest since October 2022 and is 169% more than average 2019 (pre-pandemic) rates of US$1420.

The average composite index for the year-to-date is US$3461 per 40-foot container, which is US$778 higher than the 10-year average rate of US$2684 (which was inflated by the exceptional 2020-22 covid period).

Freight rates on Shanghai to Genoa decreased by 8% or US$517 to US$5848 per 40-foot container.

This was followed by rates on Shanghai to Rotterdam and Rotterdam to Shanghai which declined by 6% to US$4661 and US$964 per FEU respectively.

Likewise, rates on Los Angeles to Shanghai dropped by 4% or US$28 to US$734 per 40-foot box.

Conversely, rates on New York to Rotterdam grew by 3% or US$20 to US$635 per FEU.

Similarly rates on Shanghai to Los Angeles increased by 2% or US$77 to US$4421 per 40-foot container.

And this was followed by rates on Rotterdam to New York which improved by 1% or US$13 to US$1589 per 40-foot box.

Rates on Shanghai to New York remained stable.

Drewry expects rates to continue plateauing as China’s factories gear down in February.