News
The World Container Index (WCI) decreased 3% from the previous week to $5,181 per FEU in Week 35, remaining on the decline for six weeks in a row, according to Drewry Maritime Research. The composite index was 50% below the previous pandemic peak of $10,377 per FEU in September 2021 but 265% above the average rate of $1,420 per FEU in the pre-pandemic year of 2019.The year-to-date average was $4,108 per FEU, $1,299 higher than the 10-year average rate of $2,809 per FEU, which is inflated by the exceptional 2020-22 COVID period.
Freight rates from Shanghai to Rotterdam and to Genoa both decreased 3%, going down to $7,204 per FEU and $6,611 per FEU, respectively. Likewise, those from Shanghai to Los Angeles, from Shanghai to New York and from New York to Rotterdam all decreased 2%, falling to $6,248 per FEU, $8,591 per FEU and $743 per FEU, respectively. Similarly, spot rates from Rotterdam to Shanghai and from New York both decreased 1%, waning to $622 per FEU and $1,908 per FEU, respectively. Meanwhile, rates from Los Angeles to Shanghai remained stable.
Despite the looming threat of an International Longshoremen’s Association (ILA) port strike, trans-Pacific eastbound freight rates saw a slight dip last week. Drewry expects east-west rates to remain stable in the upcoming weeks.
