The Drewry WCI composite index is now already 80% down from the top of US$10,377 in September 2021. It is 24% less than the 10-year average of US$2,694, showing a return to more normal costs, but it is 46% more than the typical 2019 (pre-pandemic) rate of US$1,420.
Furthermore, the year-to-date composite index is US$2,098 per 40ft container, which is US$596 less than the 10-year average (US$2,694 noted above).
In addition, the composite index is 78% lower than the same week in 2022.
Shanghai-New York freight prices fell 6%, or US$191, to US$3,241 per FEU. Spot costs between Shanghai and Rotterdam fell 4% to US$1,741 and US$762 per 40ft box, correspondingly.
Additionally, rates on the Los Angeles-Shanghai route declined by 1% to US$1,131 per 40ft container.
Furthermore, rates on the Shanghai-Los Angeles route increased by 1% to US$2,072 per FEU, while prices on Shanghai-Genoa, New York-Rotterdam, and Rotterdam-New York were close to the previous week’s level.
Drewry anticipates slight week-on-week rate decreases in the coming weeks.
Below, is Drewry’s assessment across eight major East-West trades:
