Drewry: World Container Index Down By 5.1%
Drewry’s World Container Index decreased by 5.1% to $1,404.38 per 40ft container this week.
Our detailed assessment for Thursday, 28 September 2023
- The composite index has decreased by 5.1% to $1,404.38 this week, and has dropped by 65% when compared with the same week last year.
- The latest Drewry WCI composite index of $1,404.38 per 40-foot container is now 1% below than average 2019 (pre-pandemic) rates of $1,420.
- The average composite index for the year-to-date is $1,747 per 40ft container, which is $932 lower than the 10-year average rates of $2,678.
- The composite index decreased by 5.1% to $1,404.38 per 40ft container and is 65% lower than the same week in 2022. Freight rates on Shanghai to Rotterdam nosedived 10% or $120 for two consecutive weeks, and reached $1,052 which is lowest since Jun 2016. Similarly, rates on Shanghai to New York slashed 7% or $216 and stood at $2,684 per feu. Rates on Shanghai to Los Angeles have also dipped by 4% or $88 to reach $2,016 per 40ft container. Correspondingly, rates from Shanghai to Genoa followed the same pattern with a 3% decrease or $43 to $1,488 per 40ft box. On the contrary, Transatlantic rates have shown an upward trend, with Rotterdam to New York rates increasing by 2% and New York to Rotterdam rising by 1% to $1,564 and $757 per feu respectively. Additionally, rates from Rotterdam to Shanghai and Los Angeles to Shanghai remained the same at the previous week’s level. Drewry anticipates East-West spot rates trend to remain close to current levels, overall, in the upcoming week, due to Chinese Golden Week holidays.