24.03.18WCI Down for 7 Weeks Running

The composite World Container Index (WCI) decreased by 4% from the previous week to $3,162 per FEU in Week 11, which has trended down for seven weeks in a row, according to Drewry Maritime Research. The composite index has, however, increased by 77% when compared with the same week of last year.
 
The latest composite index was 123% more than the pre-pandemic 2019 average rate of $1,420 per FEU. The year-to-date average was $3,493 per FEU,$794 higher than the 10-year average rate of $2,699 per FEU, which was inflated by the exceptional 2020-22 COVID period.

Freight rates from Shanghai to Rotterdam and to Genoa decreased 5% to $3,473 per FEU and $4,223 per FEU, respectively. Similarly, those from Shanghai to Los Angeles dropped 4%, or $190 to $4,082 per FEU. Rates from Rotterdam to Shanghai reduced 2%, or $16 to $845 per FEU. Likewise, those from Los Angeles to Shanghai and from Shanghai to New York declined 1% to $707 per FEU and $5,411 per FEU, respectively. While rates from Rotterdam to New York increased 2%, or $50 to $2,242 per FEU, those from New York to Rotterdam grew 3%, or $20 to $644 per FEU.

Drewry expects ex-China spot rates to continue declining in the coming weeks, whereas trans-Atlantic rates will remain stable.