World Container Index sees first uptick in months

DREWRY’S World Container Index increased 4% this past week, reversing a steady downward trend which began more than three months ago.

The composite index on 31 October was $3213 per FEU, which is 69% below the previous pandemic peak of $10,377 in September 2021 but 126% more than the average 2019 (pre-pandemic) of $1420.

The average YTD composite index is $4017 per FEU, which is $1178 higher than the 10-year average of $2839 (inflated by the exceptional 2020-22 covid period).

Freight rates from Shanghai to Genoa skyrocketed 11% or $352 to $3648 per FEU and those from Shanghai to Rotterdam increased 8% or $264 to $3396 per FEU.

Rates from Shanghai to Los Angeles and Los Angeles to Shanghai also increased 1% to $4839 and $718 per FEU, respectively, whereas those from Rotterdam to Shanghai decreased 1% or $5 to $543 per FEU.

Meanwhile, rates from Shanghai to New York, New York to Rotterdam and Rotterdam to New York remained stable.

“After a decline since August, spot rates ex-China increased this week, and we expect this trend to continue as the Christmas rush intensifies,” Drewry said.