Drewry's latest assessment of global freight rates has shown a 5% decrease in the World Container Index (WCI), bringing the cost to $3,095 per 40ft container. This marks a 70% drop from the pandemic peak of $10,377 recorded in September 2021. Despite this decline, the current rate remains 118% higher than the pre-pandemic 2019 average of $1,420.
Photo: Dreamstime.
The year-to-date (YTD) composite index has averaged $3,560 per 40ft container, which is $680 above the 10-year average of $2,880, influenced by the extreme price fluctuations during the COVID-19 period.
Freight rates from key routes experienced notable declines. The Shanghai to Rotterdam route saw an 8% reduction, with prices falling by $238 to $2,887 per 40ft container. Shanghai to Los Angeles rates dropped 7%, down by $325 to $4,392. Shanghai to New York declined by 5%, decreasing by $338 to $5,874. Meanwhile, Shanghai to Genoa and Los Angeles to Shanghai rates fell by 2% and 1%, settling at $4,163 and $703, respectively. Routes from Rotterdam to Shanghai, New York to Rotterdam, and Rotterdam to New York remained stable.
Table: Drewry.
Drewry anticipates that spot rates will continue to decrease in the coming week due to reduced demand following the Chinese New Year holidays.
More information:
Drewry
www.drewry.co.uk