Container rates down another 10 per cent

Drewry’s World Container Index (WCI) plunged 10 per cent to US$2,795 per 40-ft container for the week of Feb. 17-21.

The Drewry WCI composite index is now 73 per cent below the previous pandemic peak of US$10,377 in September 2021 and lowest since May 2024. However, the index was 97 per cent higher than the average US$1,420 in 2019.

The average year-to-date composite index is US$3,465 per 40-ft container, US$583 higher than the 10-year average of US$2,881, which was inflated by the COVID-19 period.

Freight rates from Shanghai to New York decreased 13 per cent to US$5,126 per 40-ft container and those from Shanghai to Los Angeles dropped 11 per cent to US$3,888. Rates from Shanghai to Rotterdam reduced nine per cent to US$2,618 per 40-ft container, those from Shanghai to Genoa fell eight per cent to US$3,837 and rates from Rotterdam to New York declined three per cent to US$2,394.

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

Drewry expects a slight decrease in spot rates next week as capacity increases.