Drewry: World Container Index Down 4%

LONDON : Drewry’s World Container Index decreased 4% to $3,095 per 40ft container this week.

Our detailed assessment for Thursday, 24 October 2024

• The Drewry WCI composite index decreased 4% to $3,095 per FEU, which is 70% below the previous pandemic peak of $10,377 in September 2021, but 118% more than the average 2019 (pre-pandemic) of $1,420.
• The average YTD composite index is $4,036 per FEU, which is $1,200 higher than the 10-year average of $2,836 (inflated by the exceptional 2020-22 Covid period).
• Freight rates from Shanghai to Rotterdam decreased 7% or $241 to $3,132 per FEU, while rates from Shanghai to New York decreased 6% or $343 to $5,266 per FEU and those from Shanghai to Genoa fell 4% or $142 to $3,296 per FEU. Likewise, rates from Shanghai to Los Angeles reduced 3% or $127 to $4,814 per feu, whereas rates from Los Angeles to Shanghai shrank 1% or $6 to $710 per feu. Conversely, rates from Rotterdam to New York skyrocketed 28% or $580 to $2,663 per feu and those from New York to Rotterdam increased 4% or $32 to $761 per FEU. Drewry expects rates (ex-China) to continue with their marginal decline in the coming weeks.