Drewry: World Container Index Down 0.3% This Week

Drewry’s composite World Container Index decreased by 0.3% to $2,119.96 per 40ft container this week.
 
Our detailed assessment for Thursday, 22 December 2022

The composite index decreased by 0.3% this week, the 43rd consecutive weekly decrease, and has dropped by 77% when compared with the same week last year.
The latest Drewry WCI composite index of $2,120 per 40-foot container is now 80% below the peak of $10,377 reached in September 2021. It is 21% lower than the 10-year average of $2,693, indicating a return to more normal prices, but remains 49% higher than average 2019 (pre-pandemic) rates of $1,420.

The average composite index for the year-to-date is $6,461 per 40ft container, which is $3,767 higher than the 10-year average ($2,693 mentioned above).
 
The composite index decreased by 0.3% to $2,119.96 per 40ft container, and is 77% lower than the same week in 2021. Freight rates on Shanghai – New York dropped 2% or $63 to $3,889 per feu. Spot rates on Shanghai – Genoa and Los Angeles – Shanghai fell 1% each to $2,879 and $1,169 per 40ft box, respectively. Similarly, rates on Rotterdam – Shanghai and Rotterdam – New York slipped 1% each to $789 and $6,989 per 40ft container, individually. However, rates on Shanghai – Rotterdam gained 2% or $32 to $1,706 per feu. Rates on New York – Rotterdam and Shanghai – Los Angeles hovered around the previous week’s level. Drewry expects smaller week-on-week reductions in rates in the next few weeks.

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.