23.04.10WCI Remains Stable in Week 14

Drewry Maritime Research's composite World Container Index (WCI) remained relatively stable at $1,709.76 per FEU in Week 14, which decreased a marginal 0.4% from the previous week and has dropped 79% when compared with the same week of last year. The latest composite index was 84% below the peak of $10,377 per FEU reached in September 2021. It was 36% lower than the 10-year average of $2,689 per FEU, indicating a return to more normal prices, but remained 20% higher than average of $1,420 per FEU in 2019. The year-to-date average was $1,923 per FEU, which is $767 lower than the abovementioned 10-year average.

Freight rates from Rotterdam to Shanghai fell 3% to $678 per FEU. Rates from Shanghai to Los Angeles and to Genoa both slid 2% to settle at $1,736 per FEU and $2,245 per FEU, respectively. Similarly, rates from New York to Rotterdam contracted 2% to $1,070 per FEU. Rates from Rotterdam to New York and from Los Angeles to Shanghai both had a meagre drop of 1% to $4,936 per FEU and $1,058 per FEU, respectively. However, rates from Shanghai to Rotterdam inched up 4% to $1,532 per FEU. Rates from Shanghai to New York hovered around the previous week's levels. Drewry expects East-West spot rates on routes other than the trans-Atlantic to plateau in the next few weeks.