24.07.08WCI Increases 10% in Week 27

The World Container Index (WCI) increased 10% from the previous week to $5,868 per FEU in Week 27, according to Drewry Maritime Research. The index has continued to grow for 12 straight weeks and jumped 298% when compared with the same week of 2023. It was, however, 43% below the previous pandemic peak of $10,377 per FEU in September 2021 but 313% higher than the average of $1,420 per FEU in the pre-pandemic year of 2019.The year-to-date average was $3,664 per FEU, $909 higher than the 10-year average rate of $2,756 per FEU, which was inflated by the exceptional 2020-22 COVID period.

Freight rates from Shanghai to New York increased 17%, or $1,331 to $9,158 per FEU. Those from Shanghai to Los Angeles rose 12%, or $799 to $7,472 per FEU. Rates from Shanghai to Rotterdam surged 10%, or $734 to $8,056 per FEU. Those from Shanghai to Genoa spiked 7%, or $471 to $7,573 per FEU. Rates from New York to Rotterdam swelled 2%, or $16 to $656 per FEU. Conversely, rates from Rotterdam to Shanghai decreased 5%, or $33 to $643 per FEU. Those from Rotterdam to New York dropped 3%, or $67 to $1,977 per FEU. Meanwhile, rates from Los Angeles to Shanghai remained stable.

Drewry expects a minor increase in freight rates from China as Asian ports face congestion issues.