Drewry: World Container Index Down 2% This Week

Drewry’s composite World Container Index decreased by 2% to $1,954.64 per 40ft container this week.

Our detailed assessment for Thursday, 16 February 2023

The composite index has decreased by 2% this week, and has dropped by 79% when compared with the same week last year.

The latest Drewry WCI composite index of $1,955 per 40-foot container is now 81% below the peak of $10,377 reached in September 2021. It is 27% lower than the 10-year average of $2,693, indicating a return to more normal prices, but remains 38% higher than average 2019 (pre-pandemic) rates of $1,420.

The average composite index for the year-to-date is $2,054 per 40ft container, which is $638 lower than the 10-year average ($2,693 mentioned above).

The composite index remained decreased by 2% to $1,954.64 per 40ft container, and is 79% lower than the same week in 2022. Freight rates on Rotterdam – New York dropped 6% or $335 to $5,675 per feu. Spot rates on Shanghai – New York slid 4% or $129 to $2,996 per 40ft box. Rates on Shanghai – Genoa fell 3% or $74 to $2,581 per 40ft container. Similarly, rates on Rotterdam – Shanghai sank 1% to $754 per feu. Rates on Shanghai – Rotterdam and Shanghai – Los Angeles slipped 1% each to $1,698 and $2,024 per 40ft box, respectively. Rates on Los Angeles – Shanghai and New York – Rotterdam hovered around the previous week’s level.

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