Drewry World Container Index - 13 Oct

Our detailed assessment for Thursday, 13 October 2022

• The composite index decreased by 6% this week, the 33rd consecutive weekly decrease, and has dropped by 65% when compared with the same week last year.
• The latest Drewry WCI composite index of $3,483 per 40-foot container is now 66% below the peak of $10,377 reached in September 2021. It is 7% lower than the 5-year average of $3,732, indicating a return to more normal prices, but remains 145% higher than average 2019 (pre-pandemic) rates of $1,420.
• The average composite index for the year-to-date is $7,402 per 40ft container, which is $3,670 higher than the five-year average ($3,732 mentioned above).
• The composite index decreased by 6% to $3,483.19 per 40ft container, and is 65% lower than the same week in 2021. Freight rates on Shanghai – Los Angeles dropped 13% or $376 to $2,619 per feu. Spot rates on Shanghai – New York fell 8% or $566 to $6,321 per 40ft box. Likewise, rates on Shanghai – Genoa and Shanghai – Rotterdam dipped 4% and 3% to $4,736 and $4,595 per 40ft container, respectively. Rates on Rotterdam – Shanghai slid 5% to $915 while rates on Los Angeles – Shanghai slipped 4% to $1,175 per feu. However, rates from Rotterdam – New York gained 1% to $7,295 and rates on New York – Rotterdam grew 2% to $1,336 per 40ft container. Drewry expects the index to decrease in the next few weeks.