The Drewry World Container Index (WCI) dropped by 1% to $5,736 per 40ft container for the week ending August 1, 2024. This marks a significant decline of 45% from the peak pandemic rate of $10,377 recorded in September 2021. Despite this decrease, the current rate is still 304% higher than the pre-pandemic average of $1,420 in 2019.
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The average composite index for 2024 so far stands at $3,946 per 40ft container. This figure is $1,161 above the 10-year average rate of $2,785, which includes the extraordinary conditions during the 2020-2022 Covid period.
Table: Drewry
Freight rates on major routes saw varying changes this week. The rate from Shanghai to Los Angeles fell by 3%, or $194, landing at $6,740 per 40ft container. Similarly, the spot rates from Shanghai to Rotterdam and New York decreased by 1% to $8,200 and $9,166 per 40ft container, respectively. In contrast, the rate from New York to Rotterdam rose by 4%, or $32, reaching $768 per 40ft container. Rates on other routes, such as Rotterdam to Shanghai, Shanghai to Genoa, Los Angeles to Shanghai, and Rotterdam to New York, remained stable.
Drewry suggests that while spot rates may have peaked, ongoing disruptions in the shipping industry will likely maintain a floor under these rates for the foreseeable future.
More information:
Drewry
www.drewry.co.uk