Drewry World Container Index - 07 Mar

posted by AJOT | Mar 07 2024 at 12:56 PM | Maritime | Liner Shipping | Ports & Terminals

Drewry's detailed assessment for Thursday, 07 March 2024

• The composite index decreased by 6% to $3,287 per 40ft container this week and has increased by 82% when compared with the same week last year.

• The latest Drewry WCI composite index of $3,287 per 40ft container is 131% more than average 2019 (pre-pandemic) rates of $1,420.

• The average composite index for the year-to-date is $3,526 per 40ft container, which is $830 higher than the 10-year average rate of $2,697 (which was inflated by the exceptional 2020-22 Covid period).

• Freight rates from Shanghai to Rotterdam decreased by 7% or $294 to $3,650 per 40ft box. Similarly, freight rates from Rotterdam to Shanghai, Shanghai to Genoa and Shanghai to New York dropped by 6% to $861, $4,449 and $5,458 per feu respectively. Followed by rates on Shanghai to Los Angeles which reduced by 5% or $214 to $4,272 per 40ft container. Likewise, rates on New York to Rotterdam and Rotterdam to New York declined by 1% to $624 and $2,192 per feu respectively. While rates on Los Angeles to Shanghai remained stable. Drewry expects spot rates to continue declining in the coming weeks without a dramatic crash.