Detailed assessment for Thursday, 12 January 2023
The composite index remained relatively stable (decreased a marginal 0.1%) this week, but has dropped by 78% when compared with the same week last year.
The latest Drewry WCI composite index of $2,132 per 40-foot container is now 79% below the peak of $10,377 reached in September 2021. It is 21% lower than the 10-year average of $2,695, indicating a return to more normal prices, but remains 50% higher than average 2019 (pre-pandemic) rates of $1,420.
The average composite index for the year-to-date is $2,134 per 40ft container, which is $561 lower than the 10-year average ($2,695 mentioned above).
The composite index remained relatively stable at $2,132.49 per 40ft container, but is 78% lower than the same week in 2022. Freight rates on Shanghai – Los Angeles gained 7% or $128 to $2,092 per feu. Spot rates on Shanghai – Rotterdam climbed 1% to $1,888 per 40ft box. However, rates on Shanghai – New York dropped 5% or $176 to $3,612 per 40ft container. Rates on Shanghai – Genoa fell 4% or $105 to $2,821 per 40ft box. Similarly, rates on Rotterdam – New York slid 3% or $226 to $6,363 per feu. Rates on New York – Rotterdam, Los Angeles – Shanghai and Rotterdam – Shanghai hovered around the previous week’s level. Drewry expects small week-on-week reductions in rates in the next few weeks.