23.02.20WCI Down 2% in Week 7

Drewry' Maritime Research's composite World Container Index (WCI) decreased 2% to $1,954.64 per FEU in Week 7. Compared with the same week of last year, it has dropped 79%. The index was 81% below the peak of $10,377 per FEU reached in September 2021. It was 27% lower than the 10-year average of $2,693 per FEU, indicating a return to more normal prices, but remained 38% higher than the pre-pandemic average of $1,420 FEU in 2019.The year-to-date average was $2,054 per FEU, $638 lower than the aforementioned 10-year average.

Freight rates from Rotterdam to New York dropped 6% or $335 to $5,675 per FEU. Spot rates from Shanghai to New York slid 4% or $129 to $2,996 per FEU. Rates from Shanghai to Genoa fell 3% or $74 to $2,581 per FEU. Similarly, rates from Rotterdam to Shanghai sank 1% to $754 per FEU. Rates from Shanghai to Rotterdam and from Shanghai to Los Angeles slipped 1% each to $1,698 and $2,024 per FEU, respectively. Rates from Los Angeles to Shanghai and from New York to Rotterdam hovered around the previous week's levels. Drewry expects small week-on-week reductions in rates in the next few weeks.