Drewry: World Container Index Down 10% This Week and 75% on Year
Drewry’s composite World Container Index decreased by 5% to $2,284.10 per 40ft container this week.
Our detailed assessment for Thursday, 01 December 2022
The composite index decreased by 5% this week, the 40th consecutive weekly decrease, and has dropped by 75% when compared with the same week last year.
The latest Drewry WCI composite index of $2,284 per 40-foot container is now 78% below the peak of $10,377 reached in September 2021. It is 15% lower than the 10-year average of $2,693, indicating a return to more normal prices, but remains 61% higher than average 2019 (pre-pandemic) rates of $1,420.
The average composite index for the year-to-date is $6,731 per 40ft container, which is $4,039 higher than the 10-year average ($2,693 mentioned above).
The composite index decreased by 5% to $2,284.10 per 40ft container, and is 75% lower than the same week in 2021. Freight rates on Shanghai – Rotterdam dropped 10% or $227 to $1,965 per feu. Spot rates on Shanghai – New York fell 9% or $438 to $4,408 per 40ft box. Similarly, rates on Shanghai – Genoa slipped 4% or $136 to $3,085 per 40ft container. Likewise, rates on Shanghai – Los Angeles slid 1% to $2,039 per feu. Rates on Rotterdam – Shanghai, Rotterdam – New York, New York – Rotterdam and Los Angeles – Shanghai hovered around the previous week’s level. Drewry expects smaller week-on-week reductions in rates in the next few weeks.
If you need spot market container freight rate information on other routes to those below, find out more about our Container Freight Rate Insight online service, which covers over 720 global port pairs and has thousands of data points updated every month.