Our detailed assessment for Thursday, 15 December 2022
The composite index decreased by 1% this week, the 42nd consecutive weekly decrease, and has dropped by 77% when compared with the same week last year.
The latest Drewry WCI composite index of $2,127 per 40-foot container is now 79% below the peak of $10,377 reached in September 2021. It is 21% lower than the 10-year average of $2,692, indicating a return to more normal prices, but remains 51% higher than average 2019 (pre-pandemic) rates of $1,420.
The average composite index for the year-to-date is $6,547 per 40ft container, which is $3,855 higher than the 10-year average ($2,692 mentioned above).
The composite index decreased by 1% to $2,127.33 per 40ft container, and is 77% lower than the same week in 2021. Freight rates on New York – Rotterdam dropped 4% or $53 to $1,269 per feu. Spot rates on Shanghai – New York and Shanghai – Rotterdam fell 1% each to $3,952 and $1,674 per 40ft box, respectively. Similarly, rates on Los Angeles – Shanghai and Rotterdam – New York slipped 1% each to $1,175 and $7,050 per 40ft container, individually. Rates on Rotterdam – Shanghai, Shanghai – Genoa and Shanghai – Los Angeles hovered around the previous week’s level. Drewry expects smaller week-on-week reductions in rates in the next few weeks.
