WCI incurs first decline in 7 weeks0 (0)

WCI incurs first decline in 7 weeks
0 (0)

August 28, 2023

The composite World Container Index (WCI) decreased 3.5% from the previous week to US$1,768.33 per FEU in Week 34, the first decline in four weeks, which has dropped 70.5% when compared with the same week of last year, according to Drewry Maritime Research.

The latest composite index was 83% below the peak of US$10,377 per FEU reached in September 2021. It was 34% lower than the 10-year average of US$2,682 per FEU, indicating a return to more normal prices, but remained 24% higher than average US$1,420 per FEU in the pre-pandemic year of 2019.

The year-to-date average was US$1,772 per FEU, US$910 lower than the abovementioned 10-year average.

Freight fates from Shanghai to Rotterdam and from Shanghai to Los Angeles decreased 5% to US$1,688 per FEU and $2,240 per FEU, respectively. Likewise, rates from Shanghai to New York and from New York to Rotterdam decreased 3% to $3,425 per FEU and $776 per FEU, respectively.

Similarly, rates from Rotterdam to Shanghai and from Shanghai to Genoa decreased 1% to US$532 per FEU and US$2,059 per FEU, respectively. Conversely, rates from Rotterdam to New York increased 1% to US$1,585 per FEU, and rates from Los Angeles to Shanghai stayed flat at the previous week’s level.

Moreover, drewry expects east-west spot rates to remain stable in the next few weeks.

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