23.08.07WCI Increases 12% in Week 31

The composite World Container Index (WCI) increased 11.8% from the previous week to $1,761.33 per FEU in Week 31. which has dropped 73.4% when compared with the same week of last year, according to Drewry Maritime Research. Following four consecutive weeks of increases, this week’s composite index is the highest since Week 19. The latest composite index was 83% below the peak of $10,377 per FEU reached in September 2021. It was 34% lower than the 10-year average of $2,684 per FEU, indicating a return to more normal prices, but remained 24% 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 Rotterdam surged 25%, or $328 to $1,620 per FEU. Likewise, Shanghai-Los Angeles rates expanded 11%, or $235 to $2,322 per FEU. Similarly, rates from Shanghai to Genoa and from Shanghai to New York rose 9% to $2,070 per FEU and 9% to $3,330 per FEU, respectively. However, rates from Rotterdam to Shanghai declined 1%, or $7 to $520 per FEU. Moreover, spot rates from Los Angeles to Shanghai, from New York to Rotterdam and from Rotterdam to New York remained static at the previous week’s levels. Drewry expects east-west spot rates to be stable overall in the next few weeks.