Drewry: World Container Index Drops 5% This Week

49

Drewry’s World Container Index decreased 5% to $3,970 per 40ft container this week.

Detailed assessment for Thursday, 19 September 2024

  • The latest Drewry WCI composite index of $3,970 per 40ft container is 62% below the previous pandemic peak of $10,377 in September 2021, but it is 180% more than the average 2019 (pre-pandemic) rate of $1,420.
  • The average composite index for the year-to-date is $4,124 per 40ft container, which is $1,302 higher than the 10-year average rate of $2,821 (inflated by the exceptional 2020-22 Covid period).
  • Freight rates from Shanghai to Rotterdam plunged 9% or $470 to $4,682 per 40ft container. Similarly, rates from Shanghai to Genoa contracted 6% or $328 to $4,928 per feu. Likewise, rates from Shanghai to New York declined 4% or $297 to $6,364 per 40ft box. Also, spot rates from Shanghai to Los Angeles dropped 1% or $47 to $5,580 per 40ft container. Conversely, spot rates from Rotterdam to New York increased 2% or $45 to $2,056 per 40ft box. Likewise, spot rates from New York to Rotterdam inched up 1% or $9 to $713 per feu. While the looming ILA port strike casts a shadow, transpacific Eastbound freight rates have experienced a minor decline this week. However, weak demand is expected to drive further decreases in East-West spot rates in the coming weeks.

Spot freight rates by major route

Assessment across eight major East-West trades:

Spot freight rates by route - assessed by Drewry

Did you subscribe to our daily Newsletter?

It’s Free Click here to Subscribe!

Source: Drewry