Drewry: World Container Index Down 1% This Week
Drewry’s composite World Container Index decreased by 1% to $1,790.36 per 40ft container this week.
Our detailed assessment for Thursday, 16 March 2023
The composite index has decreased by 1% this week, and has dropped by 80% when compared with the same week last year.
The latest Drewry WCI composite index of $1,790 per 40-foot container is now 83% below the peak of $10,377 reached in September 2021. It is 33% lower than the 10-year average of $2,691, indicating a return to more normal prices, but remains 26% higher than average 2019 (pre-pandemic) rates of $1,420.
The average composite index for the year-to-date is $1,976 per 40ft container, which is $715 lower than the 10-year average ($2,691 mentioned above).
The composite index remained decreased by 1% to $1,790.36 per 40ft container, and is 80% lower than the same week in 2022. Rates on Shanghai – New York slid by 2% or $45 to settle at $2,662 per 40ft box. Likewise, rates on Rotterdam – Shanghai fell 2% to $687 per feu. Rates on Shanghai – Rotterdam and Shanghai – Genoa sank 1% each to $1,553 and $2,256 per 40ft container, respectively. Similarly, rates on Los Angeles – Shanghai and Rotterdam – New York also contracted by 1% each, to $1,070 and $5,326 per feu, respectively. Rates on Shanghai – Los Angeles and New York – Rotterdam hovered around the previous week’s level. Drewry expects small week-on-week reductions in rates in the next few weeks.