Drewry: World Container Index up 8% last week

LONDON : Drewry’s World Container Index increased 8% to $3,803 per 40ft container last week.

Drewry’s detailed assessment for Thursday, 19 December 2024

• The Drewry WCI composite index increased 8% to $3,803 per feu, which is 63% below the previous pandemic peak of $10,377 in September 2021 but 168% more than the average $1,420 in 2019 (pre-pandemic).
• The average YTD composite index is $3,946 per feu, which is $1,084 higher than the 10-year average of $2,862 (inflated by the exceptional 2020-22 Covid period).
• Freight rates from Shanghai to Los Angeles increased 26% or $917 to $4,499 per feu and those from Shanghai to New York increased 17% or $875 to $6,074 per feu. Likewise, rates from Rotterdam to New York inched up 3% or $91 to $2,713 per feu. On the other hand, rates from Shanghai to Genoa and Rotterdam to Shanghai decreased 2% to $5,424 per feu and $508 per feu, respectively, and those from New York to Rotterdam and Shanghai to Rotterdam shrank 1% to $824 per feu and $4,819 per feu, respectively, whereas those from Los Angeles to Shanghai remained stable. Drewry expects an increase in rates on the Transpacific trade in the coming week, driven by front-loading ahead of the looming ILA port strike in January 2025 and the anticipated tariff hikes under the incoming Trump Administration.