Drewry: World Container Index down by 3.5% last week

LONDON: Drewry’s composite World Container Index decreased by 3.5%to$1,535.75 per40ftcontainerlast week.

Drewry’s detailed assessment for Thursday, 22June2023

• The composite index has decreased by 3.5% to $1,535.75 last week, and has dropped by 78.9% whencomparedwiththesameweeklastyear excellence in Public Administration in 2017 as part of a group, which worked for bringing GST toreality.

• The latest Drewry WCI composite index of $1,535.75 per 40-foot container is now 85% below the peak of $10,377 reached in September 2021. It is 43% lower than the 10-year average of $2,688, indicating a return to more normal prices, but remains 8% higher thanaverage2019(pre-pandemic)ratesof$1,420.

• The average composite index for the year-to-date is $1,822 per 40ft container, which is $866 lower than the 10-yearaverage($2,688mentionedabove).

• The composite index decreased by 3.5% to $1,535.75 per 40ft container, and is 78.9% lower than the same week in 2022. Freight rates on Shanghai –New York dropped 7% or $190 to reach $2,543 per feu. Similarly, rates on Shanghai – Los Angeles fell 6% or $104 to $1,642 per 40ft box. Also, rates on Shanghai –Genoa slid 3% to $2,075 per 40ft container. Freight rates on Shanghai – Rotterdam contracted 2% or $33 to $1,316 per feu. On the contrary, rates from New York –Rotterdam and Rotterdam – New York inched up by 2% and 1% to stand at $793 and $3,226 respectively. However, rates from Rotterdam – Shanghai and Los Angeles – Shanghai remained stable at the previous week’s level. Drewry expects East-West spot rates to riseagainonmostroutesinthenextfewweeks.

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