Drewry World Container Index - March 2nd

Drewry detailed assessment for Thursday, 02 March 2023

• The composite index has decreased by 2% this week, and has dropped by 80% when compared with the same week last year.
• The latest Drewry WCI composite index of $1,859 per 40-foot container is now 82% below the peak of $10,377 reached in September 2021. It is 31% lower than the 10-year average of $2,691, indicating a return to more normal prices, but remains 31% higher than average 2019 (pre-pandemic) rates of $1,420.
• The average composite index for the year-to-date is $2,015 per 40ft container, which is $676 lower than the 10-year average ($2,691 mentioned above).
• The composite index decreased by 2% to $1,859.28 per 40ft container, and is 80% lower than the same week in 2022. Rates on Shanghai – New York slid by 4% or $109 to settle at $2,772 per 40ft box. Rates on Los Angeles – Shanghai fell 3% to $1,067 per feu. Rates on Shanghai – Genoa sank 2% to $2,477 per 40ft container. Similarly, rates on Rotterdam – Shanghai and Shanghai – Rotterdam also contracted by 2% each, to $715 and $1,593 per feu, respectively. Moreover, those on Shanghai – Los Angeles dipped a miniscule 1% to $1,948 per 40ft box. Likewise, rates on New York – Rotterdam and Rotterdam – New York slipped 1% each to $1,573 and $5,573 per feu, respectively. Drewry expects small week-on-week reductions in rates in the next few weeks.

Spot freight rates by major route

Drewry assessment across eight major East-West trades: