Drewry World Container Index - 20 Apr

Drewry detailed assessment for Thursday, 20 April 2023

• The composite index has increased by 4% this week, but has dropped by 77% when compared with the same week last year.
• The latest Drewry WCI composite index of $1,774 per 40-foot container is now 83% below the peak of $10,377 reached in September 2021. It is 34% lower than the 10-year average of $2,688, indicating a return to more normal prices, but remains 25% higher than average 2019 (pre-pandemic) rates of $1,420.
• The composite index increased by 4% to $1,773.58 per 40ft container, but is 77% lower than the same week in 2022. Transpacific eastbound rates rose, reflecting the General Rate Increases implemented by carriers from mid-April. Freight rates on Shanghai – New York gained 12% or $297 to $2,849 per feu. Rates on Shanghai – Los Angeles surged 11% or $182 to settle at $1,856 per 40ft box. Rates on Shanghai – Genoa inched up by 1% to $2,268 per 40ft container. However, rates on New York – Rotterdam fell 5% to $969 per feu. Rates on Rotterdam – Shanghai and Los Angeles – Shanghai dropped 4% each to $618 and $1,009 per 40ft box, respectively. Rates on Rotterdam – New York have now decreased for 19 consecutive weeks and saw a weekly drop of 1% to $4,881 per 40ft container. Rates on Shanghai – Rotterdam hovered around the previous week’s level. Drewry expects East-West spot rates on routes other than the transatlantic to rise in the next few weeks.

Spot freight rates by major route

Our assessment across eight major East-West trades: