World Container Index down by 3% last week

LONDON -Drewry’scomposite WorldContainer Index decreased by3%to$1,897.88 per40ftcontainer lastweek.

Drewry’s detailed assessment for Thursday, 23February2023

The composite index has decreased by 3% this week, and has dropped by 80% when compared with the same week last year. The latest Drewry WCI composite index of $1,898 per 40-foot container is now 82% below the peak of $10,377 reached in September 2021. It is 30% lower than the 10-year average of $2,692, indicating a return to more normal prices, but remains 34% higher than average 2019 (pre-pandemic) ratesof$1,420.

The average composite index for the year-to-date is $2,035 per 40ft container, which is $657 lower than the 10-yearaverage($2,692 mentioned above).

The composite index remained decreased by 3% to $1,897.88 per 40ftcontainer,andis80% lower than the same week in 2022. Freight rates on all trades decreased marginally this week. On Shanghai – New York and Shanghai – Rotterdam, rates fell by 4% to $2,881 and $1,633 per feu, respectively. Rates on Shanghai – Los Angeles and Los Angeles – Shanghai slid by 3% to settle at $1,959 and $1,101 per 40ft box, respectively. Similarly, rates on Rotterdam – Shanghai and New York – Rotterdam also contracted by 3% to $728 and $1,161 per feu, respectively. Moreover, those on Shanghai – Genoa fell by 2% to $2,540 per 40ft box and on Rotterdam – New York dipped a miniscule 1% to $5,640 per feu. Drewry expects small week-on-week reductions in rates in the next few weeks.