24.12.09WCI Increases 6% as Europe, MED. Freight Rate Surge

The World Container Index (WCI) increased 6% from the previous week to $3,533 per FEU in Week 49, which was 142% higher than a year earlier, according to Drewry.

The composite index was 66% below the previous pandemic peak of $10,377 per FEU in September 2021 but 149% above the average $1,420 per FEU in the pre-pandemic year of 2019. The year-to-date average was $3,958 per FEU, $1,104 higher than the 10-year average of $2,854 per FEU, which is inflated by the exceptional 2020-22 COVID period.

Freight rates from Shanghai to Genoa surged 22%, or $1,006 to $5,496 per FEU and from Shanghai to Rotterdam, 19%, or $778 to $4,775 per FEU. Rates from New York to Rotterdam inched up 2%, or $18 to $807 per FEU, while those from Shanghai to Los Angeles decreased 12%, or $531 to $3,719 per FEU. Rates from Rotterdam to Shanghai and from Rotterdam to New York both reduced 1%, going down to $514 per FEU and $2,649 per FEU, respectively whereas those from Los Angeles to Shanghai and from Shanghai to New York both remained stable.

Drewry expects an increase in rates on the grans-Pacific trade in the coming week due to an International Longshoremen’s Association (ILA) port strike in January  and an anticipated rush to ship goods before it begins.