Our detailed assessment for Thursday, 03 November 2022
- The composite index decreased by 3% this week, the 36th consecutive weekly decrease, and has dropped by 67% when compared with the same week last year.
- The latest Drewry WCI composite index of $3,050 per 40-foot container is now 71% below the peak of $10,377 reached in September 2021. It is 19% lower than the 5-year average of $3,754, 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 $7,115 per 40ft container, which is $3,361 higher than the five-year average ($3,754 mentioned above).
- The composite index decreased by 3% to $3,049.73 per 40ft container and is 67% lower than the same week in 2021. Freight rates in Shanghai – New York dropped 6% or $340 to $5,694 per feu. Spot rates on Shanghai – Rotterdam fell 4% or $161 to $3,684 per 40ft box. Similarly, rates on Shanghai – Genoa slid 3% to $4,087 per feu and rates on Shanghai – Los Angeles dipped 2% to $2,364 per 40ft container. Likewise, rates on Los Angeles – Shanghai and Rotterdam – Shanghai fell 1% each to $1,165 and $876 per feu, respectively. However, rates on Rotterdam – New York gained 2% or $142 to $7,426 per 40ft box. Rates on New York – Rotterdam hovered around the previous week’s level. Drewry expects smaller week-on-week reductions in rates in the next few weeks.
If you need spot market container freight rate information on other routes to those below, find out more about our Container Freight Rate Insight online service, which covers over 720 global port pairs and has thousands of data points updated every month.
Spot freight rates by major route
Our assessment across eight major East-West trades:
Ocean Freight Cost Benchmarking
We have been aggregating, mining and publishing ocean freight rate intelligence since 2006. Find out about our full range of spot and contract ocean freight rate benchmarking services, including membership in our Benchmarking Club (exclusive to shippers/BCOs).
World Container Index: Correlations and methodology
Find out more about the process we follow to establish our weekly index and correlations between trade lane indices and the main composite index from 1Q13 to 4Q21.
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