The Drewry WCI composite index decreased 5% to $3,095 per 40ft container this week, 70% below the previous pandemic peak of $10,377 in September 2021. However, the index was 118% higher than the average $1,420 in 2019 (pre-pandemic).
The average year-to-date (YTD) composite index is $3,560 per 40ft container, $680 higher than the 10-year average of $2,880 (inflated by the exceptional 2020-22 Covid period).
Freight rates from Shanghai to Rotterdam decreased 8% or $238 to $2,887 per 40ft container while those from Shanghai to Los Angeles fell 7% or $325 to $4,392 per 40ft container.
Rates from Shanghai to New York reduced 5% or $338 to $5,874 per 40ft container with those from Shanghai to Genoa and Los Angeles to Shanghai decreased 2% and 1% to $4,163 and $703 per 40ft container, respectively.
Rates from Rotterdam to Shanghai, New York to Rotterdam, and Rotterdam to New York remained stable. Drewry expects spot rates to decrease in the coming week due to lower demand after the Chinese New Year holidays.
Meanwhile, Drewry’s Intra-Asia Container Index (IACI) decreased by 8% to reach $667 per 40-ft container in the first half of February.
Despite this decline, the IACI remains 33% higher than in the same period last year, indicating the ongoing strengthening of intra-Asian trade. However, Drewry forecasts that freight rates will continue to drop throughout February.
Drewry’s Intra-Asia Container Index (IACI) reports actual spot container freight rates for major intra-Asia trade routes. The Index, which will be updated fortnightly, consists of 18 route-specific indices representing individual shipping routes and a composite index. All indices are reported in USD per 40ft container.
