Drewry World Container Index - May 4th

Our detailed assessment for Thursday, 04 May 2023

• The composite index has increased by 1% this week, but has dropped by 77% when compared with the same week last year.

• The latest Drewry WCI composite index of $1,763 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 24% higher than average 2019 (pre-pandemic) rates of $1,420.

• The average composite index for the year-to-date is $1,883 per 40ft container, which is $804 lower than the 10-year average ($2,688 mentioned above).

• The composite index increased by 1% to $1,763.28 per 40ft container, but is 77% lower than the same week in 2022. Freight rates on Shanghai – Rotterdam gained 3% or $53 to $1,645 per feu. Rates on Shanghai – Genoa and Shanghai – New York inched up by 2% each to settle at $2,232 and $2,829 per 40ft box, respectively. Rates on Shanghai – Los Angeles, Rotterdam – Shanghai, Los Angeles – Shanghai, New York – Rotterdam and Rotterdam – New York hovered around the previous week’s level. Drewry expects East-West spot rates on routes other than the transatlantic to be stable in the next few weeks.

Spot freight rates by major route

Our assessment across eight major East-West trades:

Source: Drewry Supply Chain Advisors