The Drewry WCI composite index decreased 1% to $2,076 per 40ft container, 80% below the previous pandemic peak of $10,377 in September 2021. However, the index was 46% higher than the average $1,420 in 2019 (pre-pandemic).
The average YTD composite index closed at $2,773 per 40ft container, $122 lower than the 10-year average of $2,895 (inflated by the exceptional 2020-22 Covid period).
Freight rates from Shanghai to Rotterdam decreased 7% or $156 to $2,046 per 40ft container, and those from Shanghai to Genoa decreased 4% or $123 to $2,766 per 40ft container. Following the trend, rates from New York to Rotterdam and Rotterdam to New York decreased 3% to $814 and $1,972 per 40ft container, respectively. Also, rates from Rotterdam to Shanghai decreased 2% or $7 to $457 per 40ft container while those from Shanghai to Los Angeles increased 5% or $123 to $2,713 per 40ft container and those from Shanghai to New York rose 4% or $146 to $3,646 per 40ft container.
Similarly, rates from Los Angeles to Shanghai increased 2% or $17 to $706 per 40ft container. Drewry expects rates to be less volatile in the coming week as carriers are reorganising their capacity to reflect a lower volume of cargo bookings from China.
For more information:
Drewry
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www.drewry.co.uk