Drewry WCI Index per 40-foot Container 70.5% Lower than Same Week in 2022
The latest Drewry WCI composite index of US$1,768.33 per 40-foot container is now 70.5% lower than the same week in 2022 and 83% below the peak of US$10,377 reached in September 2021.
It is 34% lower than the 10-year average of US$2,682, indicating a return to more normal prices, but remains 24% higher than average 2019 (pre-pandemic) rates of US$1,420.
However, this decline in rates just before peak season is worrying carriers, who will most likely have to modify their operations with blank sailings to keep rates viable for them.
For shippers, it is the ideal time to lock in lower long-term contract rates.
The average composite index for the year-to-date is US$1,772 per 40ft container, which is US$910 lower than the 10-year average (US$2,682 mentioned above).
Freight Rates on Shanghai – Rotterdam and Shanghai – Los Angeles decreased by 5% to US$1,688 and US$2,240 per feu respectively.
Likewise, rates on Shanghai – New York and New York – Rotterdam decreased by 3% to US$3,425 and US$776 per 40ft container respectively.
Similarly rates on Rotterdam – Shanghai and Shanghai – Genoa decreased by 1% to US$532 and US$2,059 per 40 ft box respectively.
Conversely, rates on Rotterdam – New York increased by 1% or US$8 to US$1,585 per feu and rates on Los Angeles – Shanghai remained stable at the previous week’s level.
Drewry expects East-West spot rates to remain stable in the next few weeks.