23.01.16WCI Stayed Flat in Week 2

Drewry Maritime Research's composite World Container Index (WCI) remained relatively stable at $2,132.49 per FEU in Week 2, recording a marginal decrease of 0.1% from the previous week, but has dropped by 78% when compared with the same week of last year. It was 79% below the peak of $10,377 per FEU reached in September 2021. It was 21% lower than the 10-year average of $2,695 per FEU, indicating a return to more normal prices, but remains 50% higher than pre-pandemic average $1,420 per FEU in 2019. The year-to-date average was $2,134 per FEU, which was $561 lower than the abovementioned 10-year average.

Freight rates from Shanghai to Los Angeles gained 7% or $128 to $2,092 per FEU. Spot rates from Shanghai to Rotterdam climbed 1% to $1,888 per FEU. However, rates from Shanghai to New York dropped 5% or $176 to $3,612 per FEU. Rates from Shanghai to Genoa fell 4% or $105 to $2,821 per FEU. Similarly, rates from Rotterdam to New York slid 3% or $226 to $6,363 per FEU. Rates from New York to Rotterdam, from Los Angeles to Shanghai and from Rotterdam to Shanghai all hovered around the previous week's levels. Drewry expects small week-on-week reductions in rates in the next few weeks.