23.07.24WCI Increases in Week 29

The composite World Container Index (WCI) increased 3.3% to $1,536.86 per FEU in Week 29, which has dropped 77.5% when compared with the same week of last year. The latest composite index was 85% below the peak of $10,377 per FEU reached in September 2021. It was 43% lower than the 10-year average of $2,685 per FEU, indicating a return to more normal prices, but remained 8% higher than the average of $1,420 per FEU in the pre-pandemic year of 2019. The year-to-date average was $1,777 per FEU, $908 lower than the abovementioned 10-year average.

Freight rates from Shanghai to Los Angeles strengthened 10% or $175 to $1,965 per FEU. Likewise, Shanghai -New York rates increased 7% or $191 to $2,906 per FEU. However, rates from Rotterdam to New York fell 7% to $129 to $1,640 per FEU. Also, rates from Rotterdam to Shanghai and from Shanghai to Genoa declined 2% to $528 per FEU and $1,902  per FEU, respectively. Additionally, spot rates from Los Angeles to Shanghai diminished 1% or $7 to $839 per FEU. Furthermore, spot rates from New York to Rotterdam and from Shanghai to Rotterdam both remained stable at the previous week’s levels.

Drewry expects east-west spot rates to decline marginally on most routes in the next few weeks.