23.06.19WCI Down 5% in Week 24

Drewry Maritime Research’s composite World Container Index (WCI) decreased 5% from the previous week to $1,592.25 per FEU in Week 24.The composite index has dropped 79% when compared with the same week of last year. It was 85% below the peak of $10,377 per FEU reached in September 2021. The index was 41% lower than the 10-year average of $2,688 per FEU, indicating a return to more normal prices, but remained 12% higher the pre-pandemic 2019 average of $1,420 per FEU. The year-to-date average index was $1,833 per FEU, $855 lower than the abovementioned 10-year average.

Freight rates from Shanghai to Los Angeles and from Shanghai to New York dropped 8% to $1,746 and $2,733 per FEU, respectively. Rates from Shanghai to Rotterdam fell 7% or $103 to $1,349 per FEU. Similarly, rates from Rotterdam to New York slid 5% to $3,195 per FEU. Freight rates from New York to Rotterdam contracted 2% to $777 per FEU. Rates from Rotterdam to Shanghai had a drop of 1% to $570 per FEU. Rates from Los Angeles to Shanghai was $1,022 per FEU and from Shanghai to Genoa was $2,134 per FEU both hovered around the previous week’s levels. Drewry expects east-west spot rates to rise again on most routes in the next few weeks.