DREWRY’S World Container Index has continued its freefall marking another declining week, falling by 4% to US$3216 per 40-foot container for the week of 17 October.
The latest Drewry WCI composite index of US$3216 per 40-foot container is 69% below the previous pandemic peak of US$10,377 in September 2021, but it is 126% more than the average 2019 (pre-pandemic) rate of US$1420.
The average composite index for the year-to-date is US$4058 per 40-foot container, which is US$1225 higher than the 10-year average rate of US$2834 (inflated by the exceptional 2020-22 Covid period).
Freight rates from Shanghai to Genoa decreased 9% or US$346 to US$3438 per 40-foot container, while rates from Shanghai to Rotterdam dropped 6% or US$218 to US$3373 per 40-foot container.
Likewise, rates from Shanghai to New York fell 3% or US$152 to US$5609 per 40-foot container and those from Shanghai to Los Angeles declined 2% or US$78 to US$4941 per 40-foot container.
Conversely, rates from Rotterdam to Shanghai increased 1% or US$4 to US$547 per 40-foot container.
Meanwhile, rates from Los Angeles to Shanghai, New York to Rotterdam and Rotterdam to New York remained stable. Drewry expects rates (ex-China) to continue with their marginal decline in the coming weeks.
