24.10.07WCI Decreases 5% in Week 40

The World Container Index (WCI) decreased 5% from the previous week to $3,489 per FEU in Week 40, according to Drewry Maritime Research. The composite index has remained on a downward trend for 11 weeks in a row, but from a year earlier, it was still 151% higher. It was 66% below the previous pandemic peak of $10,377 per FEU in September 2021 but 146% above the 2019 (pre-pandemic) average rate of $1,420 per FEU. The year-to-date average was $4,097 per FEU, $1,269 higher than the 10-year average rate of $2,828 per FEU, which is inflated by the exceptional 2020-22 COVID.

Freight rates from Shanghai to Genoa decreased 9%, or $364 to $3,848 per FEU. Similarly, those from Shanghai to Rotterdam declined 8%, or $342 to $3,815 per FEU. Rates from Shanghai to Los Angeles dropped 4%, or $232 to $5,258 per FEU. Those from Shanghai to New York and from Rotterdam to Shanghai both fell 2%, down to $5,922 per FEU and $590 per FEU, respectively. Meanwhile, rates from New York to Rotterdam, from Rotterdam to New York and from Los Angeles to Shanghai all remained stable.

Drewry expects increases in rates from China and Europe to the U.S. East Coast in the coming weeks due to the International Longshoremen’s Association (ILA) port strike.