Drewry's World Container Index rises 1%, up 92% from pre-COVID levels

03 May '24

2 min read

Drewry's World Container Index rises 1%, up 92% from pre-COVID levels

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Insights

Drewry's World Container Index rose 1 per cent to $2,725 per container for the week ending May 2, up 55 per cent from last year and 92 per cent higher than pre-pandemic levels.
While some routes like Shanghai to Genoa increased, rates leaving China are expected to hold steady in the coming week.
Rates on several other routes remained stable.

Drewry's World Container Index increased by 1 per cent to $2,725 per 40-foot container for the week ending May 2. It has grown 55 per cent compared with the same week last year. The latest Drewry WCI composite index of $2,725 per 40 ft container is 92 per cent higher than the average 2019 (pre-pandemic) rates of $1,420.

According to the latest container freight index by Drewry, the average composite index for the year-to-date is $3,230 per 40 ft container, which is $519 higher than the 10-year average rate of $2,712 (inflated by the exceptional COVID period of 2020-22).

Freight rates from Shanghai to Genoa increased by 3 per cent, or $102, for a 40 ft container. Similarly, rates from Shanghai to Rotterdam rose by 2 per cent, or $47 per FEU.

Conversely, rates from Rotterdam to Shanghai and Shanghai to Los Angeles decreased by 1 per cent. Rates from Los Angeles to Shanghai, Shanghai to New York, New York to Rotterdam, and Rotterdam to New York remained stable. Drewry expects freight rates from China to remain stable in the upcoming week.

This week, the noted freight rates were as follows: Shanghai-Rotterdam $3,103 (up 2 per cent), Rotterdam-Shanghai $739 (down 1 per cent), Shanghai-Genoa $3,717 (up 3 per cent), Shanghai-Los Angeles $3,371 (down 1 per cent), Los Angeles-Shanghai $700 (no change), Shanghai-New York $4,382 (no change), New York-Rotterdam $625 (no change), and Rotterdam-New York $2,210 (no change).

Fibre2Fashion News Desk (KUL)

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