Drewry’s detailed assessment for Thursday, 25 May 2023
- The composite index has decreased by 2% last week, and has dropped by 78% when compared with the same week last year.
- The latest Drewry WCI composite index of $1,685 per 40-foot container is now 84% below the peak of $10,377 reached in September 2021. It is 37% lower than the 10-year average of $2,688, indicating a return to more normal prices, but remains 19% higher than average 2019 (pre-pandemic) rates of $1,420.
Source: Drewry World Container Index, Drewry Supply Chain Advisors
- The average composite index for the year-to-date is $1,859 per 40ft container, which is $828 lower than the 10-year average ($2,688 mentioned above).
Source: Drewry World Container Index, Drewry Supply Chain Advisors
- The composite index decreased by 2% to $1,685.32 per 40ft container, and is 78% lower than the same week in 2022. Freight rates on Rotterdam – New York fell 10% or $465 to $3,969 per feu. Rates on Shanghai – New York slid by 2% to settle at $2,760 per 40ft box. Apart from the above trades, rates dipped by a meagre 1% on majority of others. Rates on Shanghai – Genoa and Shanghai – Rotterdam dropped to $2,169 and $1,530 per 40ft container, respectively. Similarly, rates on Shanghai – Los Angeles and Los Angeles – Shanghai dropped $1,798 and $1,023 per feu, respectively and those on Rotterdam – Shanghai dropped to $587 per 40ft box. However, rates on New York – Rotterdam inched up 1% to $844 per feu. Drewry expects East-West spot rates on routes other than the transatlantic to be stable in the next few weeks.
