The composite index has decreased by 1% this week, and has dropped by 78% when compared with the same week last year. The latest Drewry WCI composite index of $2,034 per 40-foot container is now 80% below the peak of $10,377 reached in September 2021.
It is 24% lower than the 10-year average of $2,693, indicating a return to more normal prices, but remains 43% higher than average 2019 (pre-pandemic) rates of $1,420.
The average composite index for the year-to-date is $2,085 per 40ft container, which is $608 lower than the 10-year average ($2,693 mentioned above).
The composite index remained decreased by 1% at $2,033.70 per 40ft container, and is 78% lower than the same week in 2022. Freight rates on Shanghai – Genoa dropped 2% or $51 to $2,727 per feu. Spot rates on Shanghai – Los Angeles and Shanghai – Rotterdam slid 1% each to $2,056 and $1,732 per 40ft box, individually.