The latest Drewry WCI composite index of $3,050 per 40-foot container is now 71% below the peak of $10,377 reached in September 2021. It is 19% lower than the 5-year average of $3,754, indicating a return to more normal prices, but remains 115% higher than average 2019 (pre-pandemic) rates of $1,420.
The average composite index for the year-to-date is $7,115 per 40ft container, which is $3,361 higher than the five-year average ($3,754 mentioned above).
The composite index decreased by 3% to $3,049.73 per 40ft container, and is 67% lower than the same week in 2021. Freight rates on Shanghai – New York dropped 6% or $340 to $5,694 per feu. Spot rates on Shanghai – Rotterdam fell 4% or $161 to $3,684 per 40ft box. Similarly, rates on Shanghai – Genoa slid 3% to $4,087 per feu and rates on Shanghai – Los Angeles dipped 2% to $2,364 per 40ft container. Likewise, rates on Los Angeles – Shanghai and Rotterdam – Shanghai fell 1% each to $1,165 and $876 per feu, respectively. However, rates on Rotterdam – New York gained 2% or $142 to $7,426 per 40ft 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.
