Container rates down another percentage point

Drewry’s World Container Index (WCI) fell another one per cent for the week of May 5-9 to US$2,076 per 40-ft container.

The Drewry WCI composite index is now 80 per cent below the previous pandemic peak of US$10,377 in September 2021, however, is 46 per cent higher than the average US$1,420 in 2019.

The average year-to-date composite index closed at US$2,773 per 40-ft container, US$122 lower than the 10-year average of US$2,895, which was inflated by the COVID-19 period.

Freight rates from Shanghai to Rotterdam decreased seven per cent to US$2,046 per 40-ft container and those from Shanghai to Genoa fell four per cent to US$2,766. Following the trend, rates from New York to Rotterdam and Rotterdam to New York decreased three per cent to US$814 and US$1,972 per 40-ft container, respectively. Also, rates from Rotterdam to Shanghai decreased two per cent to US$457 per 40-ft container while those from Shanghai to Los Angeles increased five per cent to US$2,713 and those from Shanghai to New York rose four per cent to US$3,646. Similarly, rates from Los Angeles to Shanghai increased two per cent to US$706 per 40-ft container.

Drewry expects rates to be less volatile in the coming week as carriers are reorganizing their capacity to reflect a lower volume of cargo bookings from China.