Drewry’s World Container Index up 23%, highest since Oct

0
174
Image by Alexander Kliem from Pixabay
  • Drewry’s latest World Container Index increased by 23% to $3,777 per 40-foot equivalent unit this week, the highest since October 2022
  • The latest index on January 18 is also an 82% rise increase compared with the same week last year and is 166% more than average the 2019 (pre-pandemic) rates of $1,420
  • The average composite index for the year-to-date is $3,173 per FEU, which is $495 higher than the 10-year average rate of $2,678, which was inflated by the exceptional 2020-22 COVID-19 period
  • Drewry said it anticipates East-West spot rates to increase in the coming weeks, due to the Red Sea/Suez situation

Drewry’s latest Word Container Index (WCI) increased by 23% to $3,777 per 40-foot equivalent unit (FEU) this week, the highest since October 2022.

The latest index on January 18 is also an 82% increase when compared with the same week last year and is 166% more than average the 2019 (pre-pandemic) rates of $1,420. WCI reports actual spot container freight rates for major East West trade routes.

The average composite index for the year-to-date is $3,173 per FEU, which is $495 higher than the 10-year average rate of $2,678, inflated by the exceptional 2020-22 COVID-19 period.

Freight rates on Rotterdam to Shanghai increased by 50% or $323 to $975 per FEU.

Rates on Shanghai to Los Angeles jumped by 38% or $1,070 to $3,860 per FEU while rates on Shanghai to New York advanced by 35% or $1,474 to $5,644 per FEU.

Rates on Shanghai to Genoa surged by 21% or $1,069 to $6,282 per FEU, while rates on Shanghai to Rotterdam rose by 12% or $545 to $4,951 per FEU.

Rates on New York to Rotterdam increased by 2% or $9 to $608 per FEU while rates on Rotterdam to New York remained stable.

Meanwhile, rates on Los Angeles to Shanghai decreased by 1% or $4 to $762 per FEU.

Drewry said it anticipates East-West spot rates to increase in the coming weeks, due to the Red Sea/Suez situation.

RELATED READ: Red Sea crisis brings higher freight to some PH shippers; but effects not yet fully felt