Container rates down for ninth straight week

Drewry’s World Container Index (WCI) fell another seven per cent to US$2,368 per 40-ft container the week of March 10-14.

The Drewry WCI composite index is now 77 per cent below the previous pandemic peak of US$10,377 in September 2021 and the lowest since January 2024. However, the index was 67 per cent higher than the average US$1,420 in 2019.

The average year-to-date composite index closed at US$3,205 per 40-ft container, US$321 higher than the 10-year average of US$2,884, which was inflated by the COVID-19 period.

Freight rates from Shanghai to Genoa decreased 11 per cent to US$3,333 per 40-ft container, while rates from Shanghai to Los Angeles fell eight per cent to US$2,906. Similarly, rates from Shanghai to New York dropped seven per cent to US$4,038 per 40-ft container and those from Shanghai to Rotterdam fell five per cent to US$2,512.

Rates from Rotterdam to Shanghai, New York to Rotterdam and Rotterdam to New York all increased one per cent to US$490, US$854 and US$2,373 respectively per 40-ft container.

Meanwhile, rates from Los Angeles to Shanghai remained stable.

Drewry expects rates to recede from next week as shipping capacity increases.