News
The composite World Container Index (WCI) increased a marginal 0.9% from the previous week to $1,488.13 per FEU in Week 28, which has dropped 78.7% when compared with 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 $2,686 per FEU, indicating a return to more normal prices, but remained 5% higher than the average of $1,420 per FEU in the pre-pandemic year of 2019. The year-to-date average was $1,786 FEU, $901 lower than the abovementioned 10-year average.
Freight rates from Rotterdam to New York dived 12% or $234 to $1,769 per FEU. Rates from Shanghai to Rotterdam dropped 4% or $54 to $1,291 per FEU. Also, spot rates from Shanghai to Genoa and from Los Angeles to Shanghai decreased 3% to $1,932 per FEU and 3% to $846 FEU, respectively. Rates from Rotterdam to Shanghai declined a slightl 1% or $7 to $537 per FEU. Conversely, rates from Shanghai to Los Angeles rose 9% or $152 to $1,790 per FEU. Freight rates from Shanghai to New York strengthened 5% or $125 to $2,715 per FEU. Drewry expects east-west spot rates to decline marginally on most routes in the next few weeks.
