World Container Index - 08 Feb

posted by AJOT | Feb 08 2024 at 10:37 AM | Maritime | Liner Shipping

Drewry’s World Container Index dropped by 1% to $3,786 per 40ft container this week.

Our detailed assessment for Thursday, 08 February 2024

• The composite index dropped by 1% to $3,786 per 40ft container this week and has increased by 90% when compared with the same week last year.

• The latest Drewry WCI composite index of $3,786 per 40ft container is 167% more than average 2019 (pre-pandemic) rates of $1,420.

• The average composite index for the year-to-date is $3,515 per 40ft container, which is $829 higher than the 10-year average rate of $2,686 (which was inflated by the exceptional 2020-22 Covid period).

• Freight rates on Shanghai to Genoa decreased by 11% or $623 to $5,225 per 40ft box. Followed by rates on Shanghai to Rotterdam which declined by 5% or $235 to $4,426 per feu. Likewise, rates on New York to Rotterdam reduced by 4% or $24 to $611 per 40ft box. Similarly, rates on Los Angeles to Shanghai fell by 1% or $8 to $726 per 40ft container. Conversely, rates on Rotterdam to New York skyrocketed by 24% or $389 to $1,978 per 40ft box. Followed by rates on Shanghai to Los Angeles which increased by 8% or $350 to $4,771 per feu. Similarly, rates on Rotterdam to Shanghai grew by 3% or $26 to $990 per feu. Likewise, rates on Shanghai to New York swelled by 2% or $103 to $6,268 per 40ft container. Spot rates ex-China are expected to remain stable next week due to the CNY holidays.