Drewry’s detailed assessment for Thursday, 09 March 2023
The composite index has decreased by 3% this week, and has dropped by 80% when compared with the same week last year.
The latest Drewry WCI composite index of $1,806 per 40-foot container is now 83% below the peak of $10,377 reached in September 2021. It is 33% lower than the 10-year average of $2,691, indicating a return to more normal prices, but remains 27% higher than average 2019 (pre-pandemic) rates of $1,420.
The average composite index for the year-to-date is $1,994 per 40ft container, which is $697 lower than the 10-year average ($2,691 mentioned above).
The composite index remained decreased by 3% to $1,806.43 per 40ft container, and is 80% lower than the same week in 2022. Rates on Shanghai – Genoa slid by 8% or $190 to settle at $2,287 per 40ft box. Rates on Rotterdam – New York fell 4% or $196 to $5,377 per feu. Rates on Shanghai – Los Angeles and Shanghai – New York sank 2% each to $1,916 and $2,707 per 40ft container, respectively. Similarly, rates on Rotterdam – Shanghai and Shanghai – Rotterdam also contracted by 2% each, to $702 and $1,562 per feu, respectively.
However, those on Los Angeles – Shanghai and New York – Rotterdam gained 1% each to $1,083 and $1,165 per 40ft box, respectively. Drewry expects small week-on-week reductions in rates in the next few weeks.
For more information: drewry.co.uk