News
The World Container Index (WCI) decreased 3% from the previous week to $5,551 per FEU in Week 32, which has continued to fall for three weeks in a row, according to Drewry Maritime Research. The latest composite index is 47% below the previous pandemic peak of $10,377 per FEU in September 2021 but 291% higher than the pre-pandemic 2019 average rate of $1,420 per FEU. The year-to-date average is $3,996 per FEU, $1,204 higher than the 10-year average of $2,791 per FEU, which was inflated by the exceptional 2020-22 COVID period.
Freight rates from Shanghai to Los Angeles and to Genoa both decreased 4%, going down to $6,501 per FEU and $7,309 per FEU, respectively. Likewise, those from Shanghai to Rotterdam and to New York both declined 3%, falling to $7,929 per FEU and $8,931 per FEU, respectively. Conversely, rates from Rotterdam to New York and to Shanghai both increased 1%, reaching $1,967 per FEU and $630 per FEU, respectively. Meanwhile, rates from Los Angeles to Shanghai and from New York to Rotterdam both remained stable.
Drewry believes that spot rates have peaked, but continued shipping disruptions will keep a floor under the spot rates for some time.
