World Container Index - 19 Jan

Their detailed assessment for Thursday, 19 January 2023

• The composite index decreased by 3% this week, and has dropped by 79% when compared with the same week last year.
• The latest Drewry WCI composite index of $2,079 per 40-foot container is now 80% below the peak of $10,377 reached in September 2021. It is 23% lower than the 10-year average of $2,694, indicating a return to more normal prices, but remains 46% higher than average 2019 (pre-pandemic) rates of $1,420.
• The average composite index for the year-to-date is $2,116 per 40ft container, which is $579 lower than the 10-year average ($2,694 mentioned above).
• The composite index decreased by 3% to $2,078.90 per 40ft container, but is 79% lower than the same week in 2022. Freight rates on Shanghai – New York dropped 5% or $180 to $3,432 per feu. Spot rates on Shanghai – Rotterdam slid 4% to $1,808 and rates on New York – Rotterdam slipped 3% to $1,211 per 40ft box respectively. Similarly, rates on Shanghai – Los Angeles fell 2% to $2,050 per 40ft container. Rates on Shanghai – Genoa and Rotterdam – New York skipped 1% each to $2,780 and $6,296, individually. However, rates on Rotterdam – Shanghai gained 2% to $797 per feu. Rates on Los Angeles – Shanghai hovered around the previous week’s level. Drewry expects small week-on-week reductions in rates in the next few weeks.

Source: Drewry World Container Index, Drewry Supply Chain Advisors