Drewry’s composite World Container Index decreased by 1.3% to $1,474.32 per 40ft container this week.

Source: Drewry World Container Index, Drewry Supply Chain Advisors

Our detailed assessment for Thursday, 6 July 2023

Source: Drewry World Container Index, Drewry Supply Chain Advisors

• The composite index has decreased by 1.3% to $1,474.32 this week, and has dropped by 79.1% when compared with the same week last year.
• The latest Drewry WCI composite index of $1,474.32 per 40-foot container is now 86% below the peak of $10,377 reached in September 2021. It is 45% lower than the 10-year average of $2,688, indicating a return to more normal prices, but remains 4% higher than average 2019 (pre-pandemic) rates of $1,420.
• The average composite index for the year-to-date is $1,797 per 40ft container, which is $891 lower than the 10-year average ($2,688 mentioned above).
• The composite index decreased by 1.3% to $1,474.32 per 40ft container and is 79.1% lower than the same week in 2022. Freight rates on Rotterdam – New York plunged 25% or $667 to reach $2,003 per feu. Likewise, rates on Los Angeles – Shanghai dropped 14% or $146 to $876 per 40ft box. Also, spot rates from New York – Rotterdam declined 7% or $57 to $736 per 40ft container. Rates on Rotterdam – Shanghai slashed 5% or $31 and stood at $544 per feu, and Shanghai – Genoa inched down by 2% or $41 to $1,993 per feu. On the contrary, rates from Shanghai – Los Angeles increased 4% or $57 to $1,638 per 40ft container. Freight rates on Shanghai – New York and Shanghai – Rotterdam surged 3% and 2% to $2,590 and $1,345 per 40ft container, respectively. Drewry expects East-West spot rates to decline on most routes in the next few weeks.

Source: Drewry