DREWRY’S composite World Container Index decreased by 6% this week, marking the 33rd weekly decrease in a row.
The average composite index of the WCI dropped to US$3483 per 40-foot container, which is 65% lower than it was in the same week last year.
It places the latest Drewry WCI composite index 66% below the peak of US$10,377 reached in September last year
This is reportedly 7% lower than the 5-year average of US$3732, indicating a return to more normal prices, according to Drewry. However, it remains 145% higher than average 2019 (pre-pandemic) rates of US$1420.
Freight rates on Shanghai to Los Angeles dropped 13%, or US$376 to US$2619 per FEU.
Spot rates on Shanghai to New York fell 8% or US$566 to US$6321 per 40-foot box.
Likewise, rates on Shanghai to Genoa and Shanghai to Rotterdam dipped 4% and 3% to US$4736 and US$4595 per 40-foot container, respectively.
Rates on Rotterdam to Shanghai slid 5% to US$915 while rates on Los Angeles to Shanghai slipped 4% to US$1175 per FEU.
However, rates from Rotterdam to New York were up 1% to US$7295 and rates on New York to Rotterdam grew 2% to US$1336 per 40-foot container.
Drewry expects the index to decrease in the next few weeks.
