23.02.27WCI Decreases 3% in Week 8

Drewry Maritime Research's composite World Container Index (WCI) decreased 3% from the previous week to $1,897.88 per FEU in Week 8, which has dropped 80% since the same week of last year. It was 82% below the peak of $10,377 per FEU reached in September 2021. The WCI was 30% lower than the 10-year average of $2,692 per FEU, indicating a return to more normal prices but remained 34% higher than the pre-pandemic average of $1,420 per FEU in 2019.The average year-to-date index was $2,035 per FEU, $657 lower than the aforementioned 10-year average.

Freight rates on all trades decreased marginally in Week 8. From Shanghai to New York and to Rotterdam, rates fell 4% to $2,881 per FEU and $1,633 per FEU, respectively.  Rates from Shanghai to Los Angeles and vice versa slid 3% to settle at $1,959 per FEU and $1,101 per FEU, respectively. Similarly, rates from Rotterdam to Shanghai and from New York to Rotterdam contracted 3% to $728 per FEU and $1,161 per FEU, respectively. Moreover, those from Shanghai to Genoa fell 2% to $2,540 per FEU and from Rotterdam to New York dipped a miniscule 1% to $5,640 per FEU. Drewry expects small week-on-week reductions in rates in the next few weeks.