Drewry: World Container Index Down 1.6% This Week

Drewry’s composite World Container Index decreased by 1.6% to $1,739.59 per 40ft container this week.

Our detailed assessment for Thursday, 31 August 2023

• The composite index has decreased by 1.6% to $1,739.59 this week, and has dropped by 69.3% when compared with the same week last year.
• The latest Drewry WCI composite index of $1,739.59 per 40-foot container is now 83% below the peak of $10,377 reached in September 2021. It is 35% lower than the 10-year average of $2,682, indicating a return to more normal prices, but remains 22% higher than average 2019 (pre-pandemic) rates of $1,420.
• The average composite index for the year-to-date is $1,771 per 40ft container, which is $910 lower than the 10-year average ($2,682 mentioned above).
• Freight Rates on Shanghai – Rotterdam dropped 4% or $73 to $1,615 per 40ft container. Similarly, spot rates from Rotterdam – Shanghai also declined 3% or $16 to reach $516 per feu. Rates on New York – Rotterdam diminished 2% or $19 and stood at $757 per 40ft box. Likewise, rates from Shanghai – Genoa, Shanghai – Los Angeles and Rotterdam – New York inched down by 1% to $2,038, $2,217 and $1,562 per 40ft container respectively. However, rates on Los Angeles – Shanghai and Shanghai – New York remained stable at the previous week’s level. Drewry expects East-West spot rates to remain stable in the next few weeks.
  Source: Drewry