World container index continues steady decline: Drewry

The Drewry World Container Index reduced week-on-week by 2.7% to $1494.46 per 40-foot container this past week. The combined index has plunged by 78.9% when compared with the same week last year. The index is now 86% lower than the peak of $10,377 reached in September 2021.

It is 44% less than the 10-year average of $2688. This, Drewry said, shows a return to more normal prices, but remains 5% advanced than average 2019 (pre-pandemic) rates of $1420. The average composite index for the year-to-date is $1809 per 40-foot container, which is $879 lower than the 10-year average ($2688 mentioned above).

Freight taxes on Rotterdam – New York nosedived 17% or $556 to reach $2670 per FEU. Additionally, rates on Shanghai – Los Angeles drop 4% or $61 to $1581 per 40-foot box, which is the lowest since May 2020. Shanghai – Rotterdam reached $1313 per 40ft box, which is the lowest since Nov 2019. Similarly, rates on Shanghai – Genoa slid 2% or $41 to $2034 per 40-foot container. Freight rates in Shanghai – New York deteriorated slightly by 1% or $35 to reach $2508 per FEU. On the contrary, rates on Rotterdam – Shanghai crawled up 1% or $5 and stood at $575.

However, New York – Rotterdam rates remained stable at the previous week’s level. Drewry anticipates East-West spot rates to decline on most routes in the next few weeks.