Container rates down for third straight week

Drewry’s World Container Index (WCI) decreased two per cent to US$3,364 per 40-ft container for the week of Jan. 27-31, continuing a three-week decline.

The Drewry WCI composite index is now 68 per cent below the previous pandemic peak of US$10,377 in September 2021, but is 137 per cent higher than the average US$1,420 in 2019.

The average year-to-date composite index is US$3,711 per 40-ft container, US$835 higher than the 10-year average of US$2,876, which was inflated by the COVID-19 period.

Freight rates from Shanghai to Rotterdam decreased five per cent to US$3,274 per 40-ft container, while those from Shanghai to Genoa fell four per cent to US$4,400. Similarly, rates from Rotterdam to New York dropped two per cent to US$2,732 per 40-ft container followed by rates from Shanghai to New York and Shanghai to Los Angeles, which decreased one per cent to US$6,288 and US$4,771 respectively.

Conversely, spot rates from New York to Rotterdam increased two per cent to US$839 per 40-ft container and rates from Rotterdam to Shanghai rose one per cent to US$518.

Rates from Los Angeles to Shanghai remained stable.

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