Container rates down since July 18

Drewry’s World Container Index (WCI) declined another four per cent the week of Oct. 7-11 to US$3,349 per 40-ft container, which continues its downward trend since the week of July 18.

The latest WCI composite index is 68 per cent below the previous pandemic peak of US$10,377 in September 2021, but it is 136 per cent more than the average 2019 pre-pandemic rate of US$1,420.

The average composite index for the year-to-date is US$4,079 per 40-ft container, which is US$1,248 higher than the 10-year average rate of US$2,831, which was inflated by the exceptional 2020-22 COVID-19 period.

Freight rates from Rotterdam to Shanghai decreased eight per cent or US$543 per 40-ft container, while rates from Shanghai to Rotterdam dropped six per cent. Rates from Shanghai to Los Angeles fell five per cent to US$5,019 and rates from Shanghai to New York declined three per cent to US$5,761 per feu. Similarly, rates from Shanghai to Genoa shrank two per cent.

Rates from New York to Rotterdam and Rotterdam to New York increased one per cent to US$730 and US$2,083 per 40-ft box respectively, and rates from Los Angeles to Shanghai remained stable.