Drewry World Container Index - August 24

Drewry detailed assessment for Thursday, 24 August 2023

• The composite index has decreased by 3.5% to $1,768.33 this week, and has dropped by 70.5% when compared with the same week last year.
• The latest Drewry WCI composite index of $1,768.33 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 $2,682, indicating a return to more normal prices, but remains 24% higher than average 2019 (pre-pandemic) rates of $1,420
• The average composite index for the year-to-date is $1,772 per 40ft container, which is $910 lower than the 10-year average ($2,682 mentioned above)
• The composite index decreased by 3.5% to $1,768.33 per 40ft container and is 70.5% lower than the same week in 2022. Freight Rates on Shanghai – Rotterdam and Shanghai – Los Angeles decreased by 5% to $1,688 and $2,240 per feu respectively. Likewise, rates on Shanghai – New York and New York – Rotterdam decreased by 3% to $3,425 and $776 per 40ft container respectively. Similarly rates on Rotterdam – Shanghai and Shanghai – Genoa decreased by 1% to $532 and $2,059 per 40 ft box respectively. Conversely, rates on Rotterdam – New York increased by 1% or $8 to $1,585 per feu and rates on Los Angeles – Shanghai remained stable at the previous week’s level. Drewry expects East-West spot rates to remain stable in the next few weeks.