The Drewry World Container Index (WCI) composite index experienced a 7% drop, settling at $2,368 per 40-foot container. This marks a significant decline of 77% from the peak of $10,377 reached in September 2021 during the pandemic, and it is the lowest level observed since January 2024. However, the current index remains 67% higher than the pre-pandemic average of $1,420 in 2019.
The year-to-date (YTD) composite index closed at $3,205 per 40-foot container, which is $321 above the 10-year average of $2,884. The 10-year average is notably inflated by the exceptional rate spikes seen during the 2020-2022 Covid period.
Freight rates have seen varied movements across major trade routes. From Shanghai to Genoa, rates dropped 11%, or $412, to $3,333 per 40-foot container. Similarly, rates from Shanghai to Los Angeles decreased by 8%, or $260, bringing the rate to $2,906 per 40-foot container. Rates from Shanghai to New York saw a 7% decline, or $282, to $4,038 per 40-foot container. Rates from Shanghai to Rotterdam also fell by 5%, or $124, to $2,512 per 40-foot container.
In contrast, several routes saw rate increases. Freight rates from Rotterdam to Shanghai rose by 1%, or $490, while rates from New York to Rotterdam increased 1%, or $854. Additionally, rates from Rotterdam to New York climbed 1%, or $2,373 per 40-foot container. Rates from Los Angeles to Shanghai remained stable.
Drewry anticipates that freight rates will continue to decrease in the coming weeks as shipping capacity increases across various routes.
