Drewry: The world container freight rate index stable

World container freight rate index was stable in Week 15 (Source: Drewry)

The WCI Composite Container Rate Index has remained stable (only down slightly by 0.1%) this week and has declined by 78% compared to the same week last year.

The latest Drewry Composite WCI Index of $1,709/FEU (40ft container) is currently 84% below the peak of $10,377/FEU reached in September 2021. It is 36% below the 10-year average at $2,688, indicating a trend back to more normal prices, but still 20% above the 2019 (pre-pandemic) average of $1,420.

The year-to-date composite WCI average is $1,908/FEU, $780 below the 10-year average (the $2,688 mentioned above).

The composite WCI index remained stable at $1,708.63/FEU, but 78% lower than the same period in 2022. Freight rates for the Rotterdam-Shanghai route fell 5% to $642/FEU. Freight rates on the Shanghai - Los Angeles and New York - Rotterdam routes fell 4% each way to $1,674 and $1,025 per FEU, respectively.

However, freight rates for the Shanghai - Rotterdam route increased by 4% to $1,598/FEU. Similarly, Shanghai - New York increased 2% to $2,552/FEU. Continuing the trend, prices on the Shanghai – Genoa, Los Angeles – Shanghai and Rotterdam – New York routes fluctuated around the levels of the previous week.

Read more:

• International shipping and logistics market update - Week 15/2023

Source: Phaata.com (According to Drewry)

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