23.09.11WCI Decreases in Week 36

The composite World Container Index (WCI) decreased 3.4% from the previous week to $1,680.73 per FEU in Week 36, which has remained on a downward trend for three weeks in a row, according to Drewry Maritime Research. When compared with the same week of last year, it was down 68.8%. The latest composite index was now 84% below the peak of $10,377 per FEU reached in September 2021. It was 37% lower than the 10-year average of $2,681 per FEU, indicating a return to more normal prices, but remained 18% higher than the average rate of $1,420 per FEU in the pre-pandemic year of 2019. The year-to-date average was $1,769 per FEU, $912 lower than the abovementioned 10-year average.

Freight Rates from Shanghai to Rotterdam dropped 10%, or $166 to $1,449 per FEU. Similarly, spot rates from Shanghai to Genoa declined 7%, or $150 to $1,888 per FEU. Rates from Rotterdam to Shanghai diminished 3%, or $16 to $500 per FEU. Likewise, rates from New York to Rotterdam and from Shanghai to New York inched down 2% to $739 per FEU and 1% to $3,398 per FEU, respectively. Conversely, rates from Shanghai to Los Angeles increased 2%, or $37 to $2,254 per FEU. Spot rates from Los Angeles to Shanghai and from Rotterdam to New York both remained static at the previous week’s levels. Drewry expects east-west spot rates to remain stable in the next few weeks.