The Drewry World Container Index (WCI) composite index saw an increase of 6%, reaching $3,533 per forty-foot equivalent unit (feu). While this figure remains significantly lower than the pandemic-era peak of $10,377 recorded in September 2021, it is still 149% higher than the pre-pandemic average of $1,420 in 2019.
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The year-to-date (YTD) average for the composite index stands at $3,958 per feu, which is $1,104 above the 10-year average of $2,854. This average has been notably inflated by the unprecedented conditions of the 2020-22 Covid period.
Table: Drewry.
In terms of specific routes, freight rates from Shanghai to Genoa surged by 22%, equating to an increase of $1,006, reaching $5,496 per feu. Rates from Shanghai to Rotterdam also saw a significant jump of 19%, or $778, bringing them to $4,775 per feu. Meanwhile, rates from New York to Rotterdam rose slightly by 2% ($18), settling at $807 per feu. On the other hand, rates from Shanghai to Los Angeles dropped by 12%, a decrease of $531, to $3,719 per feu. Similarly, rates from Rotterdam to Shanghai and from Rotterdam to New York fell by 1%, now priced at $514 and $2,649 per feu, respectively. Rates from Los Angeles to Shanghai and Shanghai to New York showed no change.
Looking ahead, Drewry predicts an increase in Transpacific rates in the coming week. This is largely attributed to the anticipated strike by the International Longshoremen's Association (ILA) at the beginning of January 2025, which is expected to prompt a rush of shipments as businesses seek to move goods before the work stoppage begins.
More information:
Drewry
www.drewry.co.uk