THE LATEST Drewry World Container Index increased by 1% last week, but has dropped 77% compared with the same week last year.
The latest Drewry WCI composite index of $1,763 per 40-foot container is now 83% below the peak of $10,377 reached in September 2021.
This past week the index was 34% lower than the 10-year average of $2688, indicating a return to more normal prices, but remains 24% higher than average 2019 (pre-pandemic) rates of $1420.
The average composite index for the year to date is $1883 per 40-foot container, which is $804 lower than the 10-year average ($2688 mentioned above).
Freight rates on Shanghai-Rotterdam gained 3% or $53 to $1645 per forty-foot-equivalent unit.
Rates on Shanghai-Genoa and Shanghai-New York inched up by 2% each to settle at $2232 and $2829 per 40-foot box, respectively.
Rates on Shanghai-Los Angeles, Rotterdam-Shanghai, Los Angeles-Shanghai, New York-Rotterdam and Rotterdam-New York hovered around the previous week’s level.
Drewry expects East-West spot rates on routes other than the transatlantic to be stable in the next few weeks.
