The composite World Container Index (WCI) decreased by 7% to $3,145.11 per FEU in Week 43, the 35th consecutive weekly decrease, and has dropped by 67% when compared with the same week of last year, according to Drewry Maritime Research. The latest composite index was 70% below the peak of $10,377 reached in September 2021. It was 16% lower than the five-year average of $3,747, indicating a return to more normal prices, but remains 121% higher than pre-pandemic average rates of $1,420 in 2019. The average year-to-date index was $7,209 per FEU, $3,462 higher than the abovementioned five-year average.

Freight rates from Shanghai to Rotterdam dropped 13% or $591 to $3,845 per FEU. Spot rates from Shanghai to Genoa fell 9% or $414 to $4,200 per FEU. Likewise, rates from Shanghai to New York and to Los Angeles dipped 3% each to $6,034 and $2,412 per FEU, respectively. However, rates from New York to Rotterdam gained 1% to $1,319. Rates from Los Angeles to Shanghai, from Rotterdam to Shanghai and from Rotterdam to New York hovered around the previous week's levels. Drewry expects smaller week-on-week reductions in rates in the next few weeks.




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