DREWRY’S composite World Container Index has decreased by 7% to US$2404.46 per 40-foot container.
This is the 39th consecutive weekly decrease, this week’s figures marking a 74% drop since the same week last year.
The WCI composite index is now 77% below the peak of US$10,377 reached in September 2021.
It is 36% lower than the five-year average of US$3768, indicating a return to more normal prices, but remains 82% higher than average 2019 (pre-pandemic) rates of US$1,420.
The average composite index for the year-to-date is $6826 per 40-foot container, which is US$3058 higher than the five-year average of US$3768.
Drewry said freight rates on Shanghai to Rotterdam dropped 18% or US$495 to US$2192 per FEU.
Spot rates on Shanghai to Genoa fell 5% to US$3221, while rates from Shanghai to New York slipped 4% to US$4846 per 40-foot box respectively.
Similarly, rates on Shanghai to Los Angeles and Rotterdam to Shanghai slid 3% each to US$2069 and US$819 per 40-foot container individually.
Rates on Rotterdam to New York fell 2% or US$139 to US$7224 per FEU.
Rates on New York to Rotterdam and Los Angeles to Shanghai hovered around the previous week’s level.
Drewry expects smaller week-on-week reductions in rates in the next few weeks.
