23.02.06WCI Decreases 1% in Week 5

Drewry Maritime Research’s composite World Container Index (WCI) decreased 1% to $2,033.70 per FEU in Week 5. The index has dropped 78% when compared with the same week of last year. It was 80% below the peak of $10,377 per FEU reached in September 2021. It was 24% lower than the 10-year average of $2,693 per FEU, indicating a return to more normal prices, but remained 43% higher than the pre-pandemic average of $1,420 in 2019.The year-to-date average was $2,085 per FEU, which was $608 lower than the abovementioned 10-year average.

Freight rates from Shanghai to Genoa dropped 2% or $51 to $2,727 per FEU. Spot rates from Shanghai to Los Angeles and to Rotterdam slid 1% each to $2,056 and $1,732 per FEU, respectively. Similarly, rates from New York to Rotterdam and vice versa fell 1% each to $1,197 and $6,262 per FEU, respectively. However, rates from Los Angeles to Shanghai rose 1% to $1,137 per FEU. Rates from Rotterdam to Shanghai gained 3% to $786 per FEU. Rates from Shanghai to New York hovered around the previous week’s level. Drewry expects small week-on-week reductions in rates in the next few weeks.