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 10.5% to $1230.2/40ft container [updated Thurs, 16 Nov 17].
Two-year spot freight rate trend for the World Container Index:
World Container Index: Drewry assessment on Thursday, 16 November 2017
The composite index is down by 10.5% this week and down by 16.2% from the same period of 2016.
The average composite index of the WCI, assessed by Drewry for year-to-date, is US $1,493/40ft container, which is $113 lower than the five-year average of $1,606/40ft container. It is also 16.2% lower than a year ago.
Spot rates are declining steeply on the crucial East-West routes, and carriers have not pushed for mid-November rate hikes. The World Container Index (WCI), assessed by Drewry on the Shanghai-Rotterdam route, lost $195 from last week to reach $1,364 for a 40ft box. Rates are 22% weaker than in the same period in 2016. The rate decline on Transpacific trade is also worrying for carriers. The WCI on Shanghai-Los Angeles declined by $205 for a 40ft box to reach $1,352 this week, and rates on Shanghai-New York plummeted by $189 to reach $1,925 per feu. Rates on these routes are 24% and 26% less respectively than in the same period in 2016.