24.07.22WCI Increases 1% in Week 29

The World Container Index (WCI) inched up 1% from the previous week to $5,937 per FEU in Week 29, remaining on an upward trend for 14 weeks in a row, according to Drewry Maritime Research. The composite index has increased 286% when compared with the same week of last year. However, it was 43% below the previous pandemic peak of $10,377 per FEU in September 2021 but remained 318% higher than the average) rate of $1,420 per FEU in the pre-pandemic year of 2019. The year-to-date average was $3,820 per FEU, $1,049 higher than the 10-year average rate of $2,770 per FEU, which is inflated by the exceptional 2020-22 COVID period.

Freight rates from New York to Rotterdam increased 4%, or $28 to $710 per FEU. Likewise, those from Shanghai to Rotterdam rose 3%, or $219 to $8,267 per FEU. Rates from Shanghai to New York spiked 2%, or $225 to $9,612 per FEU. Those from Shanghai to Genoa picked up 1%, or $113 to $7,727 per FEU. In contrast, rates from Shanghai to Los Angeles fell 3%, or $224 to 7,288 per FEU. Those from Rotterdam to New York dropped 1%, or $12 to $1,943 per FEU. Meanwhile, rates from Rotterdam to Shanghai and from Los Angeles to Shanghai both remained stable.

Drewry expects ex-China rates to hold steady next week and remain high throughout the peak season.