23.03.06WCI Down 2% in Week 9

Drewry Maritime Research's composite World Container Index (WCI) decreased 2% from the previous week to $1,859.28 per FEU in Week 9, which has dropped 80% when compared with the same week of last year. The index was 82% below the peak of $10,377 per FEU reached in September 2021. It was 31% lower than the 10-year average of $2,691 per FEU, indicating a return to more normal prices, but remained 31% higher than the pre-pandemic average of $1,420 per FEU. The year-to-date average was $2,015 per FEU, $676 lower than the abovementioned 10-year average.

Rates from Shanghai to New York slid 4% or $109 to settle at $2,772 per FEU. Rates from Los Angeles to Shanghai fell 3% to $1,067 per FEU. Rates from Shanghai to Genoa sank 2% to $2,477 per FEU. Similarly, rates from Rotterdam to Shanghai and vice versa both contracted 2% to $715 per FEU and $1,593 per FEU, respectively. Moreover, those from Shanghai to Los Angeles dipped a miniscule 1% to $1,948 per FEU. Likewise, rates from New York to Rotterdam and vice versa both slipped 1% to $1,573 and $5,573 per FEU, respectively. Drewry expects small week-on-week reductions in rates in the next few weeks.