Drewry: World Container Index stable last week

LONDON: Drewry’s composite World Container Index remained stable at $1,708.63 per 40ft containerlastweek

The composite index remained stable (decreased a merge 0.1%) last week, and has dropped by 78% when comparedwiththesameweeklastyear.

The latest Drewry WCI composite index of $1,709 per 40-foot container is now 84% below the peak of $10,377 reached in September 2021. It is 36% lower than the 10-year average of

$2,688, indicating a return to more normal prices, but remains 20% higher than average 2019 (prepandemic)ratesof$1,420.

The average composite index for the year-to-date is $1,908 per 40ft container,whichis$780lowerthanthe 10-year average ($2,688 mentioned above).

The composite index remained stable at $1,708.63 per 40ft container, but is 78% lower than the same week in 2022. Freight rates on Rotterdam –Shanghai fell 5% to $642 per feu. Rates on Shanghai – Los Angeles and

NewYork–Rotterdamslidby4%each to settle at $1,674 and $1,025 per 40ft box, respectively. However, rates on Shanghai – Rotterdam increased by 4% to $1,598 per 40ft container. Similarly, Shanghai – New York inched up 2% to $2,552 per feu. Continuing the trend, rates on Shanghai – Genoa, Los Angeles –Shanghai and Rotterdam – New York hovered around the previous week’s level. Drewry expects East-West spot rates on routes other than the transatlantic to plateau in the next fewweeks.