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Drewry: World Container Index Down by 3% This Week

Drewry’s composite World Container Index decreased by 3% to $3,383.46 per 40ft container this week

Our detailed assessment for Thursday, 20 October 2022
• The composite index decreased by 3% this week, the 34th consecutive weekly decrease, and has dropped by 66% when compared with the same week last year.
• The latest Drewry WCI composite index of $3,383 per 40-foot container is now 67% below the peak of $10,377 reached in September 2021. It is 10% lower than the 5-year average of $3,740, indicating a return to more normal prices, but remains 138% higher than average 2019 (pre-pandemic) rates of $1,420.
• The average composite index for the year-to-date is $7,306 per 40ft container, which is $3,567 higher than the five-year average ($3,740 mentioned above).
• The composite index decreased by 3% to $3,383.46 per 40ft container, and is 66% lower than the same week in 2021. Freight rates on Shanghai – Los Angeles dropped 5% or $122 to $2,497 per feu. Spot rates on Shanghai – Genoa and Shanghai – Rotterdam fell 3% each to $4,614 and $4,436 per 40ft box respectively. Likewise, rates on Rotterdam – Shanghai dipped 3% to $887 per 40ft container. Rates on Shanghai – New York and New York – Rotterdam slid 2% each to $6,214 and $1,308 per feu respectively. Rates on Los Angeles – Shanghai and Rotterdam – New York hovered around the previous week’s level. Drewry expects smaller week-on-week reductions in rates in the next few weeks.

Source: Drewry

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