- The Drewry World Container Index has surged 16 per cent this week to $4,072 per 40ft container, marking a 142 per cent increase from the same week last year.
- Freight rates are rising due to rerouted shipping caused by intensified Houthi rebel attacks in the Red Sea.
- Year-to-date average rates are significantly higher than pre-pandemic and 10-year averages.
Drewry’s World Container Index increased 16% to $4,072 per 40ft container this week.
Detailed assessment for Thursday, 23 May 2024
- The composite index increased 16% to $4,072 per 40ft container this week and has increased by 142% when compared with the same week last year.
- The latest Drewry WCI composite index of $4,072 per 40ft container is 187% more than average 2019 (pre-pandemic) rates of $1,420.
- The average composite index for the year-to-date is $3,280 per 40ft container, which is $559 higher than the 10-year average rate of $2,717 (which was inflated by the exceptional 2020-22 Covid period).
- Freight rates from Shanghai to Rotterdam increased 20% or $827 to $4,999 per 40ft container. Similarly, rates from Shanghai to Los Angeles increased 18% or $801 to $5,277 per feu. Likewise, rates from Shanghai to Genoa climbed 15% or $718 to $5,494 per 40ft box. Correspondingly, rates from Shanghai to New York surged 13% or $746 to $6,463 per 40ft container. Also, Rotterdam to New York rates increased 1% or $32 to $2,241 per feu. Conversely, rates from Rotterdam to Shanghai decreased 1% or $6 to $673. While rates from Los Angeles to Shanghai and New York to Rotterdam remain stable. Drewry expects the spike in spot freight rates to lessen in the next few months.
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Source: Drewry
