Our detailed assessment for Thursday, 17 August 2023
The composite index has increased by 2.3% to $1,832.48 this week, and has dropped by 70.6% when compared with the same week last year.
The latest Drewry WCI composite index of $1,832.48 per 40-foot container is now 82% below the peak of $10,377 reached in September 2021. It is 32% lower than the 10-year average of $2,683, indicating a return to more normal prices, but remains 29% higher than average 2019 (pre-pandemic) rates of $1,420.
The average composite index for the year-to-date is $1,773 per 40ft container, which is $910 lower than the 10-year average ($2,683 mentioned above).
The composite index increased by 2.3% to $1,832.48 per 40ft container and is 70.6% lower than the same week in 2022. Freight Rates on Shanghai – Rotterdam increased by 6% or $95 to $1,768 per 40ft container. Similarly, spot rates in Shanghai – New York grew 5% or $182 to $3,545 per feu. Likewise rates on Rotterdam – Shanghai rose by 2% or $13 to $539 per 40ft box and rates on Shanghai – Genoa surged by 1% or $14 to $2,086 per 40ft container. Conversely, rates on Rotterdam – New York decreased by 1% or $16 to $1,577 per feu. Moreover, spot rates from Shanghai – Los Angeles, Los Angeles – Shanghai, and New York – Rotterdam remained static at the previous week’s level. Drewry expects East-West spot rates to remain stable in the next few weeks.
If you need spot market container freight rate information on other routes to those below, find out more about our Container Freight Rate Insight online service, which covers over 720 global port pairs and has thousands of data points updated every month.