News
Drewry Maritime Research's composite World Container Index (WCI) increased 4% to $1,773.58 per FEU in Week 16, registering the first increase in 15 weeks. However, it was lower by 77% 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 34% lower than the 10-year average of $2,688 per FEU, indicating a return to more normal prices, but remained 25% higher than the pre-pandemic average rate of $1,420 per FEU in 2019.
Freight rates from Shanghai to New York gained 12% or $297 to $2,849 per FEU. Rates from Shanghai to Los Angeles surged 11% or $182 to settle at $1,856 per FEU. Rates from Shanghai to Genoa inched up 1% to $2,268 per FEU. However, rates from New York to Rotterdam fell 5% to $969 per FEU. Rates from Rotterdam to Shanghai and from Los Angeles to Shanghai both dropped 4% to $618 per FEU and $1,009 per FEU, respectively. Rates from Rotterdam to New York have now decreased for 19 consecutive weeks and saw a weekly drop of 1% to $4,881 per FEU. Rates from Shanghai to Rotterdam hovered around the previous week's levels. Drewry expects east-west spot rates on routes other than the trans-Atlantic to rise in the next few weeks.
