Source: Drewry World Container Index, Drewry Supply Chain Advisors

Our detailed assessment for Thursday, 12 October 2023

• The composite index has decreased by 1.5% to $1,369.06 this week, and has dropped by 60.7% when compared with the same week last year.

• The latest Drewry WCI composite index of $1,369.06 per 40-foot container is now 4% below than average 2019 (pre-pandemic) rates of $1,420 and is the lowest for 3 years.

• The average composite index for the year-to-date is $1,729 per 40ft container, which is $948 lower than the 10-year average rates of $2,677 (which was inflated by the exceptional 2020-22 Covid period).

• Freight rates on New York – Rotterdam decreased by 8% to $677 per 40ft container. Similarly, rates on Shanghai – Genoa decreased by 4% to $1,413 per 40ft box. Likewise, rates on Rotterdam – New York, Shanghai – New York, Rotterdam – Shanghai and Shanghai – Rotterdam dropped by 2% to $1,535, $2,630, $460 and $1,010 per feu respectively. Conversely, rates on Los Angeles – Shanghai increased by 1% to $831 per 40ft box. While rates on Shanghai – Los Angeles remained stable. Drewry anticipates East-West spot rates trend to remain close to current levels, overall, in the upcoming weeks.