23.09.04WCI Down in Week 35

The composite World Container Index (WCI) decreased 1.6% to $1,739.59 per FEU in Week 35, which has declined week on week for two consecutive weeks and dropped 69.3% when compared with the same week of last year, according to Drewry Maritime Research. The latest composite index is 83% below the peak of $10,377 per FEU reached in September 2021. It is 35% lower than the 10-year average of $2,682 per FEU, indicating a return to more normal prices, but remains 22% higher than the average of $1,420 per FEU in the pre-pandemic year of 2019. The year-to-date average is $1,771 per FEU,  $910 lower than the abovementioned 10-year average.

Freight Rates from Shanghai to Rotterdam dropped 4%, or $73 to $1,615 per FEU. Those from Rotterdam to Shanghai declined 3%, or $16 to $516 per FEU. Rates from New York to Rotterdam diminished 2%, or $19 to $757 per FEU. Spot rates from Shanghai to Genoa, from Shanghai to Los Angeles and from Rotterdam to New York inched down 1% to $2,038 per FEU, $2,217 per FEU and $1,562 per FEU, respectively. However, rates from Los Angeles to Shanghai and from Shanghai to New York both remained stable at the previous week’s levels. Drewry expects east-west spot rates to stay flat in the next few weeks.