23.01.10WCI Increases After 43 Weeks

Drewry Maritime Research’s composite World Container Index (WCI)increased by 0.7% to $2,135.16 per FEU in Week 1, the first increase in 43 weeks, but has dropped by 77% when compared with the same week of last year. It was 79% below the peak of $10,377 reached in September 2021. It was 21% lower than the 10-year average of $2,694 per FEU, indicating a return to more normal prices, but remains 50% higher than pre-pandemic average of $1,420 per FEU in 2019.The average year-to-date index was $2,135 per FEU, which was $559 lower than the abovementioned 10-year average.

Freight rates from Shanghai to Rotterdam gained 10% or $168 to $1,874 per FEU. Spot rates from Shanghai to Genoa climbed 2% or $47 to $2,926 per FEU. However, rates from Rotterdam to New York dropped 6% or $400 to $6,589 per FEU. Rates from Los Angeles to Shanghai and from Shanghai to New York fell 3% each to $1,138 and $3,788 per FEU, respectively. Rates from New York to Rotterdam slid 2% to $1,243 per FEU. Similarly, rates from Rotterdam to Shanghai and from Shanghai to Los Angeles slipped 1% each to $785 and $1,964 per FEU, respectively. Drewry expects small week-on-week reductions in rates in the next few weeks.