22.11.07WCI Down for 36 Weeks Running

The composite World Container Index (WCI) decreased by 3% to 3,094.73 per FEU in Week 44, the 36th consecutive weekly decrease, and has dropped by 67% when compared with the same week of last year. It was 71% below the peak of $10,377 reached in September 2021 and 19% lower than the five-year average of $3,754, indicating a return to more normal prices, but remains 115% higher than the pre-pandemic average  rates of $1,420 in 2019.

The average year-to-date index was $7,115 per FEU, which was $3,361 higher than the abovementioned five-year average.

Freight rates from Shanghai to New York dropped 6% or $340 to $5,694 per FEU. Spot rates from Shanghai to Rotterdam fell 4% or $161 to $3,684 per FEU. Similarly, rates from Shanghai to Genoa slid 3% to $4,087 per FEU, and rates from Shanghai to Los Angeles dipped 2% to $2,364 per FEU. Likewise, rates from Los Angeles to Shanghai and from Rotterdam to Shanghai fell 1% each to $1,165 and $876 per FEU, respectively. However, rates from Rotterdam to New York gained 2% or $142 to $7,426 per FEU. Rates from New York to Rotterdam hovered around the previous week's levels. Drewry expects smaller week-on-week reductions in rates in the next few weeks.