World container freight rates fell for the 35th consecutive week

Drewry's World Container Index (WCI) for the past week was $3,145 per 40-foot container, 70% below the peak of $10,377 reached in September 2021. This rate is 16% lower compared to a five-year average of $3,747, indicating a return to normal rates, but still 121% higher than the 2019 (pre-pandemic) average of $1,420.

The Drewry WCI averaged year-to-date through last week at $7,209 per 40-foot container, $3,462 higher than the five-year average ($3,747 mentioned above).

According to Drewry WCI, the index fell 7% to $3,145.11 per 40-foot container and was 67% lower than in the same week in 2021.

Freight on the Shanghai - Rotterdam route decreased by 13%, equivalent to a decrease of USD 591 to USD 3,845/FEU. Spot rates on the Shanghai-Genoa route fell 9% or $414 to $4,200 per 40ft container. Similarly, rates on the Shanghai - New York and Shanghai - Los Angeles routes both fell 3% to $6,034 and $2,412 per 40ft container.

However, rates on the New York-Rotterdam route increased 1% to $1,319. Rates on the Los Angeles - Shanghai, Rotterdam - Shanghai and Rotterdam - New York routes fluctuated around the level of the previous week.

Drewry expects smaller week-on-week reductions in rates in the next few weeks.

Read more:

• International shipping and logistics market update - Week 43/2022
• Global supply chain pressure eases as freight rates drop
• Container shipping lines face the risk of a sharp drop in profits in 2023 and 2024

Source: Phaata.com (According to Drewry)

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