The World Container Index assessed by Drewry, a composite of container freight rates on 8 major routes to/from the US, Europe and Asia, is down by 9.4% to $1374.8/40ft container [updated Thurs, 09 Nov 17].
Two-year spot freight rate trend for the World Container Index:
World Container Index: Drewry assessment on Thursday, 09 November 2017
The composite index is down by 9.4% this week and down by 9% from the same period of 2016.
The average composite index of the WCI, assessed by Drewry for year-to-date, is US $1,499/40ft container, which is $111 lower than the five-year average of $1,610/40ft container. It is also 9% lower than a year ago.
Rate gains during the first week of November – on routes originating from Asia – waned towards the second week. The World Container Index between Shanghai and Rotterdam lost $157 from the previous week to reach $1,559 for a 40ft box. Rates are now 9% less than in the same period in 2016. Rates on the Transpacific route also followed a downward trajectory this week. The WCI between Shanghai and Los Angeles softened by 5% or $77 from the previous week to $1,557 per feu. Rates on this route are 20% weaker than in the same period in 2016. Meanwhile, the decline was higher on the Shanghai-New York route, where rates diminished by $290 or 12% from the first week of this month to reach $2,114 per feu. As carriers are poised to shelve their 15 November GRIs, rates are expected to head south next week.