The World Container Index Increases

The DREWRY World Container Index rose 5% last week to $1,406 per 40-foot container. This is the first increase since the index peaked on August 17 at $1,832. This week’s index is 54% lower compared to the same week last year. The latest Drewry WCI Composite Index is now 1% below its 2019 (pre-pandemic) average of $1,420.

The year-to-date average composite index was $1,704 per 40ft container, which is $972 lower than the 10-year average of $2,676 (excluding the 2020-2022 Covid season).

Freight rates from New York to Rotterdam fell 7% to $656 per 40-foot container. Similarly, prices from Los Angeles to Shanghai fell 3% to $784 per 40 feet. In addition, prices from Rotterdam to Shanghai and Rotterdam to New York decreased by 1 % to $465 and $1,500 per 40-foot container. In contrast, prices from Shanghai to Los Angeles rose 11% to $2,175 per 40 feet.

Similarly, Shanghai to Rotterdam prices rose 4% to $1,048 per 40ft container. Similarly, prices from Shanghai to New York rose 3% to $2,616 per 40-foot box. In addition, prices from Shanghai to Genoa port rose 1% to $1,359 per 40-foot container. Drewry predicts that spot interest rates in the East and West will generally remain close to current levels in the coming weeks. The Drewry WCI measures 40-foot container shipping traffic on seven major trade routes.