24.02.19WCI Down for 3 Weeks Running

The composite World Container Index (WCI) dropped by 1% to $3,733 per FEU in Week 7, which has remained on a downward trend for three weeks, according to Drewry Maritime Research. It has increased by 91% when compared with the same week of  last year.

The latest composite index is 163% more than the average of 1,420 per FEU in the pre-pandemic year of 2019. The year-to-date average is $3,546 per FEU, $857 higher than the 10-year average rate of $2,689 per FEU, which was inflated by the exceptional 2020-22 COVID period.

Freight rates from Shanghai to Rotterdam and vice versa both decreased by 3%, or $138 to $4,288 per FEU and $32 to $958 per FEU, respectively. Those from Los Angeles to Shanghai and from Shanghai to New York both declined by 2%, or $17 to $709 per FEU and $98 to $6,170 per FEU, respectively. Likewise, rates from Shanghai to Genoa reduced by 1%, or $52 to $5,173 per FEU. Conversely, those from Rotterdam to New York swelled by 10%, or $195 to $2,173 per FEU. Those from New York to Rotterdam increased by 2%, or $12 to $623 per FEU. While rates from Shanghai to Los Angeles remained stable.

Drewry expects a minor reduction in spot rates after the Chinese New Year. However, freight rates on the trans-Atlantic trade route are expected to remain stable next week.