Drewry World Container Index – May 18, 2023

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Credit: Quang Nguyen Vinh/Pexels

Drewry’s composite World Container Index decreased by 1% to $1,719.95 per 40ft container this week.

Our detailed assessment for Thursday, 18 May 2023

  • The composite index has decreased by 1% this week and has dropped by 78% when compared with the same week last year.
  • The latest Drewry WCI composite index of $1,719 per 40-foot container is now 83% below the peak of $10,377 reached in September 2021. It is 36% lower than the 10-year average of $2,688, indicating a return to more normal prices, but remains 21% higher than average 2019 (pre-pandemic) rates of $1,420.
  • The average composite index for the year-to-date is $1,868 per 40ft container, which is $820 lower than the 10-year average ($2,688 mentioned above).
  • The composite index decreased by 1% to $1,719.95 per 40ft container and is 78% lower than the same week in 2022. Freight rates on New York – Rotterdam fell 6% or $50 to $839 per feu. Rates on Shanghai – Rotterdam slid by 4% to settle at $1,542 per 40ft box. Similarly, rates on Rotterdam – New York contracted by 2% to $4,434 per 40ft container. However, rates on Los Angeles – Shanghai gained 1% to $1,029 per feu. Rates on Shanghai – Los Angeles, Rotterdam – Shanghai, Shanghai – Genoa and Shanghai – New York hovered around the previous week’s level. Drewry expects East-West spot rates on routes other than the transatlantic to be stable in the next few weeks.

Spot freight rates by major route

Our assessment across eight major East-West trades:

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Source: Ajot