This week, the composite World Container Index from Drewry fell 0.3% to $2,119.96 per 40-foot container, as reported by Xinder Marine.
Our comprehensive evaluation for December 22, 2022, on Thursday
The composite index fell by 0.3% this week, marking the 43rd straight week of declines. When compared to the same week last year, the index has fallen by 77%.
At $2,120 per 40-foot container, the most recent Drewry WCI composite index is now 80% less than the peak of $10,377 reached in September 2021. It is 49% higher than average 2019 (pre-pandemic) rates of $1,420 but is 21% lower than the 10-year average of $2,693, showing a return to more normal prices.
The composite index average for the first half of the year is $6,461 per 40-foot container, which is $3,767 more than the average over the previous ten years ($2,693 noted above).
A 40-foot container’s value on the composite index dropped by 0.3% to $2,119.96, 77% less than it was during the same week in 2021. Shanghai to New York freight costs decreased 2%, or $63 per feu, to $3,889 per feu. Spot fares on the routes Los Angeles – Shanghai and Shanghai – Genoa decreased 1% each to $2,879 and $1,169 per 40-foot box, respectively. The cost of a 40-foot container on the Rotterdam-Shanghai and Rotterdam-New York routes also decreased by 1%, to $789 and $6,989 respectively. Rates on Shanghai-Rotterdam, however, increased 2%, or $32, to $1,706 per feu. Rates on the routes New York–Rotterdam and Shanghai–Los Angeles stayed close to where they were the week before. In the upcoming weeks, Drewry anticipates slower weekly rate decreases.
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Source: Xinder Marine