Drewry World Container Index - 29 Jun

Drewry detailed assessment for Thursday, 29 June 2023

• The composite index has decreased by 2.7% to $1,494.46 this week, and has dropped by 78.9% when compared with the same week last year.
• The latest Drewry WCI composite index of $1,494.46 per 40-foot container is now 86% below the peak of $10,377 reached in September 2021. It is 44% lower than the 10-year average of $2,688, 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 $1,809 per 40ft container, which is $879 lower than the 10-year average ($2,688 mentioned above).
• The composite index decreased by 2.7% to $1,494.46 per 40ft container, and is 78.9% lower than the same week in 2022. Freight rates on Rotterdam – New York nosedived 17% or $556 to reach $2,670 per feu. Additionally, rates on Shanghai – Los Angeles fell 4% or $61 to $1,581 per 40ft box which is the lowest since May 2020 and Shanghai – Rotterdam reached $1,313 per 40ft box which is lowest since Nov 2019. Similarly, rates on Shanghai – Genoa slid 2% or $41 to $2,034 per 40ft container. Freight rates on Shanghai – New York declined slightly by 1% or $35 to reach $2,508 per feu. On the contrary, rates on Rotterdam – Shanghai inched up 1% or $5 and stood at $575. However, rates from New York – Rotterdam remained stable at the previous week’s level. Drewry expects East-West spot rates to decline on most routes in the next few weeks.