News
Drewry Maritime Research's composite World Container Index (WCI) decreased by 7% in Week 47, to $2,404 per FEU, the 39th consecutive weekly decrease, and has dropped by 74% when compared with the same week of last year. It was 77% below the peak of $10,377 reached in September 2021. It was 36% lower than the five-year average of $3,768, indicating a return to more normal prices, but remained 82% higher than the pre-pandemic average of $1,420 in 2019.The year-to-date average was $6,826 per FEU, which was $3,058 higher than the abovementioned five-year average.
Freight rates from Shanghai to Rotterdam dropped 18% or $495 to $2,192 per FEU. Spot rates from Shanghai to Genoa fell 5% to $3,221, while those from Shanghai to New York slipped 4% to $4,846 per FEU. Similarly, rates from Shanghai to Los Angeles and from Rotterdam to Shanghai slid 3% each to $2,069 and $819 per FEU, respectively. Rates from Rotterdam to New York fell 2% or $139 to $7,224 per FEU. Rates from New York to Rotterdam and from Los Angeles to Shanghai hovered around the previous week's levels. Drewry expects smaller week-on-week reductions in rates in the next few weeks.
