Drewry World Container Index - 02 Feb

Detailed assessment for Thursday, 02 February 2023

• The composite index has decreased by 1% this week, and has dropped by 78% when compared with the same week last year.
• The latest Drewry WCI composite index of $2,034 per 40-foot container is now 80% below the peak of $10,377 reached in September 2021. It is 24% lower than the 10-year average of $2,693, indicating a return to more normal prices, but remains 43% higher than average 2019 (pre-pandemic) rates of $1,420.
• The average composite index for the year-to-date is $2,085 per 40ft container, which is $608 lower than the 10-year average ($2,693 mentioned above).
• The composite index remained decreased by 1% at $2,033.70 per 40ft container, and is 78% lower than the same week in 2022. Freight rates on Shanghai – Genoa dropped 2% or $51 to $2,727 per feu. Spot rates on Shanghai – Los Angeles and Shanghai – Rotterdam slid 1% each to $2,056 and $1,732 per 40ft box, individually. Similarly, rates on New York – Rotterdam and Rotterdam – New York fell 1% each to $1,197 and $6,262 per 40ft container, respectively. However, rates on Los Angeles – Shanghai rose 1% to $1,137 per 40ft box. Rates on Rotterdam – Shanghai gained 3% to $786 per feu. Rates on Shanghai – New York hovered around the previous week’s level. Drewry expects small week-on-week reductions in rates in the next few weeks.