24.08.19WCI Decreases 2% in Week 33

The World Container Index (WCI) decreased 2% from the previous week to $5,428 per FEU in Week 33, continuing to fall for four consecutive weeks, according to Drewry Maritime Research. The latest composite index is 48% below the previous pandemic peak of $10,377 per FEU in September 2021 but 282% higher than the average  rate of $1,420 per FEU in the pre-pandemic year of 2019.The year-to-date average is $4,039 per FEU, $1,242 higher than the 10-year average rate of $2,798 per FEU, which was inflated by the exceptional 2020-22 COVID period.

Freight rates from Shanghai to Los Angeles decreased 3%, or $198 to $6,303 per FEU. Similarly, those from Shanghai to Rotterdam, from Shanghai to Genoa and from Shanghai to New York all dropped 2%, going down to $7,756 per FEU, $7,182 per FEU and $8,764 per FEU, respectively. Likewise, rates from New York to Rotterdam fell 1%, or $4 to $762 per FEU. Meanwhile, rates from Rotterdam to Shanghai, from Los Angeles to from Shanghai and Rotterdam to New York all remained stable.

Drewry believes that spot rates have peaked, but continued shipping disruptions will keep a floor under the spot rates for some time.