Drewry: World Container Index Up 10% Last Week

Drewry’s World Container Index increased 10% to $5,868 per 40ft container this week.

Source: Drewry World Container Index, Drewry Supply Chain Advisors

Our detailed assessment for Thursday, 4 July 2024

• The composite index increased 10% to $5,868 per 40ft container this week and has increased 298% when compared with the same week last year.
• The latest Drewry WCI composite index of $5,868 per 40ft container is 43% below the previous pandemic peak of $10,377 in September 2021, but it is 313% more than average 2019 (pre-pandemic) rates of $1,420.
• The average composite index for the year-to-date is $3,664 per 40ft container, which is $909 higher than the 10-year average rate of $2,756 (which was inflated by the exceptional 2020-22 Covid period).
• Freight rates from Shanghai to New York increased 17% or $1,331 to $9,158 per 40ft container. Similarly, rates from Shanghai to Los Angeles rose 12% or $799 to $7,472 per 40ft box. Likewise, rates from Shanghai to Rotterdam surged 10% or $734 to $8,056 per FEU. Additionally, rates from Shanghai to Genoa spiked 7% or $471 to $7,573 per 40ft container. Also, rates from New York to Rotterdam swelled 2% or $16 to $656 per FEU. Conversely, rates from Rotterdam to Shanghai decreased 5% or $33 to $643 per 40ft box. Rates from Rotterdam to New York dropped 3% or $67 to $1,977 per FEU. Meanwhile, rates from Los Angeles to Shanghai remain stable. Drewry expects a minor increase in freight rates out of China as Asian ports face congestion issues.
  Source: Drewry