Global container freight rates continued their downward trend, with the Drewry World Container Index (WCI) composite index falling by 3% this week to $2,192 per 40ft container. This figure represents a substantial 79% decrease from the peak of $10,377 recorded in September 2021 during the pandemic.
Despite the significant decline from pandemic highs, the current index remains 54% higher than the pre-pandemic average of $1,420 observed in 2019.
The year-to-date (YTD) average composite index stands at $2,897 per 40ft container, slightly higher than the 10-year average of $2,890. It’s important to note that this 10-year average has been inflated by the exceptionally high rates experienced during the 2020-2022 Covid-19 period.
On key trade lanes, freight rates from Shanghai saw notable declines:
- Shanghai to New York: Decreased by 7% or $270 to $3,706 per 40ft container.
- Shanghai to Los Angeles: Decreased by 5% or $132 to $2,683 per 40ft container.
- Shanghai to Rotterdam: Decreased by 2% to $2,344 per 40ft container.
- Shanghai to Genoa: Decreased by 2% to $3,018 per 40ft container.
Transatlantic routes also experienced decreases:
- New York to Rotterdam: Decreased by 1% to $817 per 40ft container.
- Rotterdam to New York: Decreased by 1% to $2,129 per 40ft container.
Conversely, one route saw an increase:
- Rotterdam to Shanghai: Increased by 4% or $18 to $493 per 40ft container.
Rates from Los Angeles to Shanghai remained stable.
Looking ahead, Drewry anticipates that freight rates will likely continue their decline in the coming week. This expectation is attributed to reduced capacity and uncertainty stemming from tariffs.
