24.12.23WCI Increases 8% in Week 51

The World Container Index (WCI) increased 8% from the previous week to $3,803 per FEU in Week 51, which jumped 129% from a year earlier, according to Drewry. The index was, however, 63% below the previous pandemic peak of $10,377 per FEU in September 2021 but 168% above the average of $1,420 per FEU in the pre-pandemic year of 2019.The year-to-date average was $3,946 per FEU, $1,084 higher than the 10-year average of $2,862 per FEU, which is inflated by the exceptional 2020-22 COVID period.

Freight rates from Shanghai to Los Angeles increased 26%, or $917 to $4,499 per FEU, and from Shanghai to New York, 17%, or $875 to $6,074 per FEU. Those from Rotterdam to New York inched up 3%, or $91 to $2,713 per FEU. On the other hand, rates from Shanghai to Genoa and from Rotterdam to Shanghai both decreased 2%, doing down to $5,424 per FEU and $508 per FEU, respectively, and those from New York to Rotterdam and from Shanghai to Rotterdam both shrank 1%, down to $824 per FEU and $4,819 per FEU, respectively. Those from Los Angeles to Shanghai remained stable.

Drewry expects rate rises on the trans-Pacific trade in the coming week, driven by front-loading ahead of the looming International Longshoremen’s Association (ILA) port strike in January 2025 and the anticipated tariff hikes under the U.S.’ incoming Donald Trump Administration.