Drewry: World Container Index Down 3.4% This Week

Drewry’s composite World Container Index decreased by 3.4% to $1,680.73 per 40ft container this week.

Source: Drewry World Container Index, Drewry Supply Chain Advisors

Our detailed assessment for Thursday, 07 September 2023

Source: Drewry World Container Index, Drewry Supply Chain Advisors

• The composite index has decreased by 3.4% to $1,680.73 this week, and has dropped by 68.8% when compared with the same week last year.
• The latest Drewry WCI composite index of $1,680.73 per 40-foot container is now 84% below the peak of $10,377 reached in September 2021. It is 37% lower than the 10-year average of $2,681, indicating a return to more normal prices, but remains 18% higher than average 2019 (pre-pandemic) rates of $1,420.
• The average composite index for the year-to-date is $1,769 per 40ft container, which is $912 lower than the 10-year average ($2,681 mentioned above).
• The composite index decreased by 3.4% to $1,680.73 per 40ft container and is 68.8% lower than the same week in 2022. Freight Rates on Shanghai – Rotterdam dropped 10% or $166 to $1,449 per 40ft container. Similarly, spot rates from Shanghai – Genoa also declined 7% or $150 to reach $1,888 per feu. Rates on Rotterdam – Shanghai diminished 3% or $16 and stood at $500 per 40ft box. Likewise, rates from New York – Rotterdam and Shanghai – New York inched down by 2% to $739 and 1% to $3,398 per 40ft container respectively. Conversely rates on Shanghai – Los Angeles increased by 2% or $37 to $2,254 per feu. Moreover, spot rates from Los Angeles – Shanghai and Rotterdam – New York remained static at the previous week’s level. Drewry expects East-West spot rates to remain stable in the next few weeks.
  Source: Drewry