London - Drewry’s composite World Container Index increased by 11.8% to $1,761.33 per 40ft container last week.

Source: Drewry World Container Index, Drewry Supply Chain Advisors

Drewry’s detailed assessment for Thursday, 03 August 2023

·       The composite index has increased by 11.8% to $1,761.33 last week, and has dropped by 73.4% when compared with the same week last year.

·       The latest Drewry WCI composite index of $1,761.33 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 $2,684, 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 $1,770 per 40ft container, which is $914 lower than the 10-year average ($2,684 mentioned above).

·       The composite index increased by 11.8% to $1,761.33 per 40ft container and is 73.4% lower than the same week in 2022. Following 4 consecutive weeks of increases, this week’s composite index is the highest since the second week of May 2023. Freight rates on Shanghai – Rotterdam surged by 25% or $328 to $1,620 per 40ft container. Likewise, Shanghai – Los Angeles rates expanded by 11% or $235 to $2,322 per 40ft box. Similarly, rates on Shanghai – Genoa and Shanghai – New York rose by 9% to $2,070 and $3,330 per 40ft container. However, rates from Rotterdam – Shanghai declined by 1% or $7 to stand at $520 per feu. Moreover, spot rates from Los Angeles – Shanghai, New York – Rotterdam and Rotterdam – New York remained static at the previous week’s level. Drewry expects East-West spot rates to be “stable, overall” in the next few weeks.