Drewry’s World Container Index – 14 September

Our detailed assessment for Thursday, 14 September 2023

• The composite index has decreased by 7.1% to $1,561.30 this week, and has dropped by 68.4% when compared with the same week last year.
• The latest Drewry WCI composite index of $1,561.30 per 40-foot container is now 85% below the peak of $10,377 reached in September 2021. It is 42% lower than the 10-year average of $2,680, indicating a return to more normal prices, but remains 10% higher than average 2019 (pre-pandemic) rates of $1,420.
• The average composite index for the year-to-date is $1,763 per 40ft container, which is $917 lower than the 10-year average ($2,680 mentioned above).

Composite index

• The composite index decreased by 7.1% to $1,561.30 per 40ft container and is 68.4% lower than the same week in 2022. Freight rates on Shanghai – New York decreased by 11% or $366 to $3,032 per 40ft box. Similarly rates on Shanghai – Rotterdam and Shanghai – Genoa decreased by 10% to $1,299 and $1,698 per 40 feet container respectively. Rates on Shanghai – Los Angeles dropped by 4% or $92 to $2,162 per 40ft container. Likewise rates on Rotterdam – Shanghai decreased by 3% or $15 to $485 per 40ft box and rates on New York – Rotterdam dropped by 1% or $5 to $734 per feu. Rates on Los Angeles – Shanghai and Rotterdam – New York remained stable at the previous week’s level. Drewry expects East-West spot rates trend to remain close to current levels, overall, in the next few weeks.

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Source: Drewry