Drewry’s World Container Index decreased 2% to $5,319 per 40ft container this week.
Detailed assessment for Thursday, 22 August 2024
- The latest Drewry WCI composite index of $5,319 per 40ft container is 49% below the previous pandemic peak of $10,377 in September 2021, but it is 274% more than the average 2019 (pre-pandemic) rate of $1,420.
- The average composite index for the year-to-date is $4,077 per 40ft container, which is $1,273 higher than the 10-year average rate of $2,803 (which was inflated by the exceptional 2020-22 Covid period).
- Freight rates from Shanghai to Genoa decreased 5% or $394 to $6,788 per 40ft container. Similarly, rates from Shanghai to Rotterdam dropped 4% or $327 to $7,429 per feu. Likewise, spot rates from Rotterdam to New York fell 1% or $27 to $1,934 per 40ft box. Conversely, rates from Shanghai to Los Angeles increased 2% or $98 to $6,401 per 40ft container. Similarly, rates from Shanghai to New York inched up 1% or $47 to $8,811 per feu. Meanwhile, rates from Rotterdam to Shanghai, Los Angeles to Shanghai and New York to Rotterdam remain stable. The recent uptick in transpacific Eastbound freight rates to the US West Coast and East Coast could be attributed to the looming ILA port strike on October 1 and the anticipated rush to ship goods before the strike begins. Therefore, Drewry expects rates on Transpacific trade to continue increasing in the coming weeks.
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Source: Drewry
