DREWRY’S composite World Container Index decreased by 5% this week to US$1592.24 per 40-foot container.
The index has dropped by 79% compared with the same week last year. It is now 85% below the peak of US$10,377 reached in September 2021.
Drewry noted the index is 41% lower than the 10-year average of US$2688, indicating a return to normal prices, but it is still 12% higher than average 2019 (pre-pandemic) rates of US$1420.
The average composite index for the year to date is US$1833 per 40-foot container, which is US$855 lower than the 10-year average.
Freight rates on Shanghai – Los Angeles and Shanghai – New York dropped 8% each to US$1746 and US$2733 per FEU, respectively.
Rates on Shanghai – Rotterdam fell 7% or US$103 to US$1349 per 40-foot box. Similarly, rates on Rotterdam – New York slid 5% to US$3195 per 40-foot container.
Freight rates on New York – Rotterdam contracted 2% to US$777 per FEU. Rates on Rotterdam – Shanghai dropped 1% to US$570 per 40-foot box.
Rates on Los Angeles – Shanghai and Shanghai – Genoa hovered around the previous week’s level.
Drewry expects East-West spot rates to rise again on most routes in the next few weeks.
