Drewry's World Container Index (WCI) decreased by 11% to $3,445 per 40ft container this week, marking a significant reduction. Despite this drop, the current rate is still 67% below the pandemic-era peak of $10,377 in September 2021. However, it remains 143% higher than the average rate of $1,420 in 2019, which was pre-pandemic.
The average year-to-date (YTD) composite index stands at $3,798 per 40ft container, which is $924 higher than the 10-year average of $2,874. This elevated average reflects the exceptional rates experienced during the 2020-2022 Covid period.
Freight rates from Shanghai to Rotterdam saw a notable decrease of 19%, or $797, bringing the rate down to $3,434 per 40ft container. Similarly, rates from Shanghai to Genoa dropped by 10%, or $524, to $4,562 per 40ft container. Freight rates from Shanghai to Los Angeles reduced by 8%, or $415, to $4,813 per 40ft container, and rates from Shanghai to New York fell by 7%, or $448, to $6,377 per 40ft container. Other routes also experienced declines, such as from Rotterdam to Shanghai, Los Angeles to Shanghai, New York to Rotterdam, and Rotterdam to New York, which all saw a 1% decrease, with rates now at $515, $721, $821, and $2,778 per 40ft container, respectively.
Drewry anticipates a slight further decrease in spot rates in the coming week, driven by the Chinese Lunar New Year holidays.
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Drewry
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