News
The World Container Index (WCI) decreased 8% from the previous week to $4,775 per FEU in Week 36, which has stayed on the decline for seven consecutive weeks, according to Drewry Maritime Research. The index, which was greater by 184% than a year earlier, was 54% below the previous pandemic peak of $10,377 per FEU in September 2021 but 236% higher than the average rate of $1,420 per FEU in the pre-pandemic year of 2019. The year-to-date average was $4,127 per FEU, $1,313 per FEU more than the 10-year average rate of $2,814 per FEU, inflated by the exceptional 2020-2022 COVID period.
Freight rates from Shanghai to Rotterdam plunged 14%, or $985 to $6,219 per FEU. Likewise, those from Shanghai to Genoa declined 12%, or $769 to $5,842 per FEU. Spot rates from Shanghai to Los Angeles slid 3%, or $218 to $6,030 per FEU. In the same way, rates from Shanghai to New York and from Rotterdam to Shanghai both decreased 2%, going down to $8,451 per TEU and $612 per FEU, respectively. Those from New York to Rotterdam dropped 1%, or $11 to $732 per FEU. Conversely, rates from Rotterdam to New York increased 16%, or $304 to $2,212 per FEU. Spot rates from Los Angeles to Shanghai inched up 1,% or $4 to $714, per FEU.
