24.04.08WCI Down for 10 Weeks Running

The World Container Index (WCI) decreased by 3% from the previous week to $2,836 per FEU in Week 14, which has remained on the decline for 10 weeks in a row, according to Drewry Maritime Research. The composite index was, however, still 66% higher than it was in the same week of last year and 100% more than the average of $1,420 per FEU in the pre-pandemic year of 2019. The year-to-date average was $3,372 per FEU, $666 higher than the 10-year average rate of $2,706 per FEU, which was inflated by the exceptional 2020-22 COVID period.

Freight rates from Shanghai to Genoa decreased 5%, or $192 to $3,614 per FEU. Those from Shanghai to Rotterdam, from Shanghai to Los Angeles and from Shanghai to New York all dropped 3%, going down to $3,078 per FEU, $3,704 per FEU and $4,894 per FEU, respectively. Rates from Rotterdam to Shanghai and from New York to Rotterdam both declined 2%, with the former to $794 per FEU and the latter, $622 per FEU. Rates from Rotterdam to New York fell 1%, or $17 to $2,244 per FEU. Those from Los Angeles to Shanghai remained stable at the previous week’s level.

Drewry expects a minor decrease in spot freight rates in the coming week.