Ocean container rates drop five per cent, 66 per cent since peak

Drewry’s World Container Index (WCI) decreased five per cent to US$3,489 per 40-ft container the week of Sept. 30 to Oct. 4.

The latest WCI composite index of US$3,489 is 66 per cent below the previous pandemic peak of US$10,377 in September 2021, but it is 146 per cent more than the average pre-pandemic rate of US$1,420.

The average composite index for the year-to-date is US$4,097 per 40-ft container, which is US$1,269 higher than the 10-year average rate of US$2,828, which was inflated by the exceptional 2020-22 COVID-19 period.

Freight rates from Shanghai to Genoa decreased nine per cent to US$3,848 per 40-ft container. Similarly, rates from Shanghai to Rotterdam declined eight per cent to US$3,815. Rates from Shanghai to Los Angeles dropped four per cent to US$5,258 per 40-ft box and rates from Shanghai to New York and Rotterdam to Shanghai fell two per cent to US$5,922 and US$590 per feu respectively.

Meanwhile, rates from New York to Rotterdam, Rotterdam to New York and Los Angeles to Shanghai remain stable.