Drewry’s World Container Index decreased by 4% to $3,824 per 40ft container this week.
Our detailed assessment for Thursday, 01 February 2024
• The composite index decreased by 4% to $3,824 per 40ft container this week and has increased by 88% when compared with the same week last year. This week’s reduction in the index follows 8 consecutive week-on-week gains.
• The latest Drewry WCI composite index of $3,824 per 40ft container is the highest since October 2022 and is 169% more than average 2019 (pre-pandemic) rates of $1,420.
• The average composite index for the year-to-date is $3,461 per 40ft container, which is $778 higher than the 10-year average rate of $2,684 (which was inflated by the exceptional 2020-22 Covid period).
• Freight rates on Shanghai to Genoa decreased by 8% or $517 to $5,848 per 40ft container. Followed by rates on Shanghai to Rotterdam and Rotterdam to Shanghai which declined by 6% to $4,661 and $964 per feu respectively. Likewise, rates on Los Angeles to Shanghai dropped by 4% or $28 to $734 per 40ft box. Conversely, rates on New York to Rotterdam grew by 3% or $20 to $635 per feu. Similarly rates on Shanghai to Los Angeles increased by 2% or $77 to $4,421 per 40ft container. Followed by rates on Rotterdam to New York which improved by 1% or $13 to $1,589 per 40ft box. While rates on Shanghai to New York remained stable. Drewry expects rates to continue plateauing as China's factories gear down in February.
Source: Drewry Supply Chain Advisors
