The composite index remained stable at $1,364 this week and has dropped by 60% when compared with the same week last year.
The latest Drewry WCI composite index of $1,364 per 40-foot container is now 4% below the average 2019 (pre-pandemic) rates of $1,420 and is the lowest for 3 years.
The average composite index for the year-to-date is $1,720 per 40ft container, which is $957 lower than the 10-year average rates of $2,677 (which was inflated by the exceptional 2020-22 Covid period).
Freight rates on Shanghai to Genoa decreased by 3% or $43 to $1,370 per 40ft container.
Similarly rates on Los Angeles to Shanghai decreased by 2% or $20 to $811 per feu. Likewise, rates on Shanghai to Los Angeles decreased marginally by 1% or $17 to $1,979 per 40ft box.
Conversely, rates on New York to Rotterdam, Rotterdam to Shanghai, Rotterdam to New York and Shanghai to Rotterdam increased by 4%, 3%, 2% and 1% to $703, $476, $1,564 and 1,024 per 40ft container respectively. Meanwhile, rates on Shanghai to New York remain stable. Drewry anticipates East-West spot rates to remain close to current levels, overall, in the upcoming weeks.
For more information: drewry.co.uk