23.07.31WCI Increases in Week 30

The composite World Container Index (WCI) increased 2.5% from the previous week to $1,575.62 per FEU in Week 30, according to Drewry Maritime Research. The index has, however, dropped 76.7% when compared with the same week of last year. The latest index was 85% below the peak of $10,377 per FEU reached in September 2021. It was 41% lower than the 10-year average of $2,684 per FEU, indicating a return to more normal prices, but remained 11% higher than the average of $1,420 per FEU in the pre-pandemic year of 2019. The year-to-date average was $1,770 per FEU, $914 lower than the abovementioned 10-year average.

Freight rates from Shanghai to Los Angeles grew 6% or $122 to $2,087 per FEU. Likewise, Shanghai-New York rates rose 5% or $143 to $3,049 per FEU. However, rates from Rotterdam to New York decreased 3% to $50 to $1,590 per FEU. Furthermore, spot rates from New York to Rotterdam, from Rotterdam to Shanghai, from Shanghai to Genoa, from Los Angeles to Shanghai and from Shanghai to Rotterdam 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.