Drewry: World Container Index Down By 2% This Week, 78% Lower than Last Year

Drewry’s composite World Container Index decreased by 2% to $1,740.26 per 40ft container this week.

Source: Drewry World Container Index, Drewry Supply Chain Advisors

Source: Drewry World Container Index, Drewry Supply Chain Advisors

Our detailed assessment for Thursday, 27 April 2023

• The composite index has decreased by 2% this week, and has dropped by 78% when compared with the same week last year.
• The latest Drewry WCI composite index of $1,740 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 $2,688, indicating a return to more normal prices, but remains 23% higher than average 2019 (pre-pandemic) rates of $1,420.
• The average composite index for the year-to-date is $1,890 per 40ft container, which is $797 lower than the 10-year average ($2,688 mentioned above).
• The composite index decreased by 2% to $1,740.26 per 40ft container, and is 78% lower than the same week in 2022. Freight rates on Rotterdam – Shanghai and New York – Rotterdam fell 4% each to $596 and $926 per feu, respectively. Rates on Shanghai – Genoa slid by 3% or $75 to settle at $2,193 per 40ft box. Similarly, rates on Shanghai – Los Angeles and Shanghai – New York contracted by 2% each to $1,820 and $2,780 per 40ft container, respectively. Rates on Rotterdam – New York dropped 2% to $4,806 per feu. Rates on Shanghai – Rotterdam had a meagre drop of 1% to $1,592 per 40ft container. However, rates on Los Angeles – Shanghai inched up by 1% to $1,017 per feu. Drewry expects East-West spot rates on routes other than the transatlantic to rise in the next few weeks.
  Source: Drewry