The World Container Index for this week has decreased by 7% to $2,404.46 per 40ft container , according to Drewry’s composite for Thursday, 24 November 2022.
The composite index decreased by 7% this week, the 39th consecutive weekly decrease, and has dropped by 74% when compared with the same week last year.
The latest Drewry WCI composite index of $2,404 per 40-foot container is now 77% below the peak of $10,377 reached in September 2021. It is 36% lower than the 5-year average of $3,768, indicating a return to more normal prices, but remains 82% higher than average 2019 (pre-pandemic) rates of $1,420.
The average composite index for the year-to-date is $6,826 per 40ft container, which is $3,058 higher than the five-year average ($3,768 mentioned above).
The composite index decreased by 7% to $2,404.46 per 40ft container, and is 74% lower than the same week in 2021. Freight rates on Shanghai – Rotterdam dropped 18% or $495 to $2,192 per feu. Spot rates on Shanghai – Genoa fell 5% to $3,221 while rates from Shanghai – New York slipped 4% to $4,846 per 40ft box respectively.
Similarly, rates on Shanghai – Los Angeles and Rotterdam – Shanghai slid 3% each to $2,069 and $819 per 40ft container individually. Rates on Rotterdam – New York fell 2% or $139 to $7,224 per feu. Rates on New York – Rotterdam and Los Angeles – Shanghai hovered around the previous week’s level.
Drewry expects smaller week-on-week reductions in rates in the next few weeks.