Drewry’s composite World Container Index decreased by 9% to $2,773.49 per 40ft container this week.
Our detailed assessment for Thursday, 10 November 2022
• The composite index decreased by 9% this week, the 37th consecutive weekly decrease, and has dropped by 70% when compared with the same week last year.
• The latest Drewry WCI composite index of $2,773 per 40-foot container is now 73% below the peak of $10,377 reached in September 2021. It is 26% lower than the 5-year average of $3,759, indicating a return to more normal prices, but remains 115% higher than average 2019 (pre-pandemic) rates of $1,420.
• The average composite index for the year-to-date is $7,018 per 40ft container, which is $3,259 higher than the five-year average ($3,759 mentioned above).
• The composite index decreased by 9% to $2,773.49 per 40ft container, and is 70% lower than the same week in 2021. Freight rates on Shanghai – Rotterdam and Shanghai – Genoa dropped 15% each to $3,126 and $3,494 per feu respectively. Spot rates on Shanghai – New York fell 6% or $343 to $5,351 per 40ft box. Similarly, rates on Shanghai – Los Angeles slid 4% to $2,262 per 40ft container. Likewise, rates on Rotterdam – New York and Rotterdam – Shanghai fell 1% each to $7,336 and $867 per feu, respectively. However, rates on Los Angeles – Shanghai gained 2% to $1,186 per 40ft box. Rates on New York – Rotterdam hovered around the previous week’s level. Drewry expects smaller week-on-week reductions in rates in the next few weeks.
