Drewry’s composite World Container Index increased marginally by 0.9% to $1,488.13 per 40ft container this week.

Source: Drewry World Container Index, Drewry Supply Chain Advisors

Our detailed assessment for Thursday, 13 July 2023

Source: Drewry World Container Index, Drewry Supply Chain Advisors

• The composite index has increased marginally by 0.9% to $1,488.13 this week, and has dropped by 78.7% when compared with the same week last year.
• The latest Drewry WCI composite index of $1,488.13 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 $2,686, indicating a return to more normal prices, but remains 5% higher than average 2019 (pre-pandemic) rates of $1,420.
• The average composite index for the year-to-date is $1,786 per 40ft container, which is $901 lower than the 10-year average ($2,686 mentioned above).
• The composite index increased marginally by 0.9% to $1,488.13 per 40ft container and is 78.7% lower than the same week in 2022. Freight rates on Rotterdam – New York dived 12% or $234 to reach $1,769 per feu. Likewise, rates on Shanghai – Rotterdam dropped 4% or $54 to $1,291 per 40ft box. Also, spot rates from Shanghai – Genoa and Los Angeles – Shanghai decreased 3% to $1,932 and $846 per 40ft container respectively. Rates on Rotterdam – Shanghai declined slightly by 1% or $7 and stood at $537 per feu. Conversely, rates from Shanghai – Los Angeles rose by 9% or $152 to $1,790 per 40ft container. Freight rates on Shanghai – New York strengthened 5% or $125 to $2,715 per 40ft container. Drewry expects East-West spot rates to decline marginally on most routes in the next few weeks.

Source: Drewry