24.06.10WCI Soars in Week 23

The World Container Index (WCI) increased 12% from the previous week to $4,716 per FEU in Week 23, according to Drewry Maritime Research. The composite index has remained on an upward trend for seven straight weeks and increased 181% when compared with the same week of last year. It was 232% higher than the average rate of $1,420 per FEU in the pre-pandemic year of 2019. The year-to-date average was $3,384 per FEU $654 higher than the 10-year average rate of $2,730 per FEU, which was inflated by the exceptional 2020-22 COVID period.

Freight rates from Shanghai to Genoa increased 17%, or $971 to $6,664 per FEU. Similarly, those from Shanghai to Rotterdam increased 14%, or $762 to $6,032 per FEU. Rates from Shanghai to Los Angeles increased 11%, or $585 to $5,975 per FEU. Also, those from Shanghai to New York rose 6%, or $379 to $7,214 per FEU. Conversely, rates from Rotterdam to Shanghai decreased 5%, or $35 to $642 per FEU. Also, those from Rotterdam to New York dropped 4% ,or $86 to $2,136 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.