23.03.20WCI Down 1% in Week 11

Drewry Maritime Research's composite World Container Index (WCI) decreased 1% from the previous week to $1,790.36 per FEU in Week 11, which has dropped 80% when compared with the same week of last year. The composite index was 83% below the peak of $10,377 per FEU reached in September 2021. It was 33% lower than the 10-year average of $2,691, indicating a return to more normal prices, but remains 26% higher than the pre-pandemic average of $1,420 per FEU in 2019. The year-to-date average was $1,976 per FEU, $715 lower than the abovementioned 10-year average.

Rates from Shanghai to New York slid 2% or $45 to $2,662 per FEU. Likewise, rates from Rotterdam to Shanghai fell 2% to $687 per FEU. Rates from Shanghai to Rotterdam and from Shanghai to Genoa both sank 1% to $1,553 per FEU and $2,256 per FEU, respectively. Similarly, rates from Los Angeles to Shanghai and from Rotterdam to New York both contracted 1% to $1,070 per FEU and $5,326 per FEU, respectively. Rates from Shanghai to Los Angeles and from New York to Rotterdam both hovered around the previous week's levels. Drewry expects small week-on-week reductions in rates in the next few weeks.