24.06.03WCI Rises for 6 Weeks Running

The World Container Index (WCI) increased 4% from the previous week to $4,226 per FEU in Week 22, which has remained upward for six weeks in a row, according to Drewry Maritime Research. The composite index has increased 151% when compared with the same week last year and was 198% more than the average rate of $1,420 per FEU in the pre-pandemic year of 2019.The year-to-date average was $3,323 per FEU, $598 higher than the 10-year average rate of $2,725 per FEU, which was inflated by the exceptional 2020-22 COVID period.

Freight rates from Shanghai to New York increased 6%, or $372 to $6,835 per FEU. Likewise, rates from Shanghai to Rotterdam swelled 5%, or $271 to $5,270 per FEU. Similarly, those from Shanghai to Genoa rose 4%, or $199 to $5,693 per FEU. Rates from Shanghai to Los Angeles increased 2%, or $113 to $5,390 per FEU. Those from Rotterdam to Shanghai inched up 1%, or $4 to $677 per FEU. Conversely, rates from Rotterdam to New York decreased 1%, or $19 to $2,222 per FEU. Meanwhile, rates from Los Angeles to Shanghai and from New York to Rotterdam both remained stable.

Drewry expects ex-China freight rates to continue rising next week due to the onset of the early peak season.