Container rates down another five per cent

Drewry’s World Container Index (WCI) dropped five per cent for the week of Feb. 10-14 to US$3,095 per 40-ft container, marking the fifth straight week of declines.

The WCI composite index is now 70 per cent below the previous pandemic peak of US$10,377 in September 2021, but is 118 per cent higher than the average US$1,420 in 2019.

The average year-to-date composite index is US$3,560 per 40-ft container, US$680 higher than the 10-year average of US$2,880, which was inflated by the COVID-19 period.

Freight rates from Shanghai to Rotterdam decreased eight per cent to US$2,887 per 40-ft container while those from Shanghai to Los Angeles fell seven per cent to US$4,392. Rates from Shanghai to New York dropped five per cent to US$5,874 per 40-ft container with those from Shanghai to Genoa and Los Angeles to Shanghai decreased two per cent and one per cent to US$4,163 and US$703 respectively.

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

Drewry expects spot rates to decrease in the coming week due to lower demand after the Chinese New Year holidays.