Container rates down across the board

Drewry’s World Container Index (WCI) decreased three per cent to US$3,273 per 40-ft container for the week of Feb. 3-7, continuing its decline since Jan. 9.

The Drewry WCI composite index is now 68 per cent below the previous pandemic peak of US$10,377 in September 2021, but is 130 per cent higher than the average US$1,420 in 2019.

The average year-to-date composite index is US$3,638 per 40-ft container, US$760 higher than the 10-year average of US$2,878, which was inflated by the COVID-19 period.

Freight rates from Rotterdam to New York decreased 10 per cent to US$2,469 per 40-ft container while those from Shanghai to Rotterdam fell five per cent to US$3,125. Rates from Rotterdam to Shanghai and Shanghai to Genoa dropped four per cent to US$498 and US$4,236 per 40-ft container respectively, while those from Los Angeles to Shanghai decreased two per cent to US$707. Rates from New York to Rotterdam, Shanghai to Los Angeles and Shanghai to New York also fell by one per cent to US$833, US$4,717 and US$6,212 per 40-ft container, respectively.

Drewry expects spot rates to decrease slightly in the coming week due to the increase in capacity.