Drewry’s composite World Container Index decreased by 7% to $3,145.11 per 40ft container this week.
Our detailed assessment for Thursday, 27 October 2022
The composite index decreased by 7% this week, the 35th consecutive weekly decrease, and has dropped by 67% when compared with the same week last year.
The latest Drewry WCI composite index of $3,145 per 40-foot container is now 70% below the peak of $10,377 reached in September 2021. It is 16% lower than the 5-year average of $3,747, indicating a return to more normal prices, but remains 121% higher than average 2019 (pre-pandemic) rates of $1,420.
The average composite index for the year-to-date is $7,209 per 40ft container, which is $3,462 higher than the five-year average ($3,747 mentioned above).
The composite index decreased by 7% to $3,145.11 per 40ft container, and is 67% lower than the same week in 2021. Freight rates on Shanghai – Rotterdam dropped 13% or $591 to $3,845 per feu. Spot rates on Shanghai – Genoa fell 9% or $414 to $4,200 per 40ft box. Likewise, rates on Shanghai – New York and Shanghai – Los Angeles dipped 3% each to $6,034 and $2,412 per 40ft container respectively. However, rates on New York – Rotterdam gained 1% to $1,319. Rates on Los Angeles – Shanghai, Rotterdam – Shanghai and Rotterdam – New York hovered around the previous week’s level. Drewry expects smaller week-on-week reductions in rates in the next few weeks.
Source: Hellenic Shipping News
