- The 5-year average is now just 26% below the peak of $10,377 reached in September 2021, according to new figures.
- New York container rates fell 4% to $7,336 and $867 per feu, respectively. But rates in Los Angeles – Shanghai rose 2%.
- Freight rates on Shanghai – New York fell 6% or $343 to $5,351 per 40ft box. The five-year average is $3,259 higher than the latest figures show.
The composite index decreased by 9% this week, the 37th consecutive weekly decrease, and has dropped by 70% when compared with the same week last year.
The latest Drewry WCI composite index of $2,773 per 40-foot container is now 73% below the peak of $10,377 reached in September 2021.
It is 26% lower than the 5-year average of $3,759, indicating a return to more normal prices, but remains 115% higher than average 2019 (pre-pandemic) rates of $1,420.
The average composite index for the year-to-date is $7,018 per 40ft container, which is $3,259 higher than the five-year average ($3,759 mentioned above).
The composite index decreased by 9% to $2,773.49 per 40ft container, and is 70% lower than the same week in 2021.
Freight rates on Shanghai – Rotterdam and Shanghai – Genoa dropped 15% each to $3,126 and $3,494 per feu respectively. Spot rates on Shanghai – New York fell 6% or $343 to $5,351 per 40ft box.
Similarly, rates on Shanghai – Los Angeles slid 4% to $2,262 per 40ft container.
Likewise, rates on Rotterdam – New York and Rotterdam – Shanghai fell 1% each to $7,336 and $867 per feu, respectively. However, rates on Los Angeles – Shanghai gained 2% to $1,186 per 40ft box.
Rates in New York – Rotterdam hovered around the previous week’s level.
Drewry expects smaller week-on-week reductions in rates in the next few weeks.
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