23.07.10WCI Decreases 1.3% in Week 27

The composite World Container Index (WCI) decreased 1.3% from the previous week to $1,474. per FEU in Week27, which has dropped 79.1% since the same week of last year, according to Drewry Maritime Research. The latest composite index was 86% below the peak of $10,377 per FEU reached in September 2021. It was 45% lower than the 10-year average of $2,688, indicating a return to more normal prices, but remained 4% higher than the pre-pandemic average of $1,420 per FEU in 2019. The year-to-date average was $1,797 per FEU, $891 per FEU lower than the abovementioned 10-year average.

Freight rates from Rotterdam to New York plunged 25% or $667 to reach $2,003 per FEU. Likewise, rates from Los Angeles to Shanghai dropped 14% or $146 to $876 per FEU. Also, spot rates from New York to Rotterdam declined 7% or $57 to $736 per FEU. Rates from Rotterdam to Shanghai slashed 5% or $31 and stood at $544 per FEU, and from Shanghai to Genoa, rates inched down 2% or $41 to $1,993 per FEU. On the contrary, rates from Shanghai to Los Angeles increased 4% or $57 to $1,638 per FEU. Freight rates from Shanghai to New York and to Rotterdam surged 3% to $2,590 per FEU and 2% to $1,345 per FEU, respectively. Drewry expects east-west spot rates to decline on most routes in the next few weeks.