Drewry World Container Index Fell 10% this week for the 30th Consecutive Weekly Decrease

Drewry’s composite World Container Index decreased by 10% to $4,471.99 per 40ft container this week, this was the 30th consecutive weekly decrease, and has fallen by 57% when compared with the same week last year. Meanwhile the Baltic Exchange’s dry bulk sea freight index continued its recovery. The BDI recorded its fourth weekly gain of about 16.8% on the week.

Drewry World Container Index
  • Drewry said on Thursday, 22 September 2022 the average composite index of the World Container Index (WCI) assessed by Drewry for year-to-date is $7,692 per 40ft container this week. This was the 30th consecutive weekly decrease.
  • The latest Drewry WCI composite index of $4,472 per 40-foot container is now 57% below the peak of $10,377 reached in September 2021, but it remains 21% higher than the 5-year average of $3,704.
  • The average composite index for the year-to-date is $7,692 per 40ft container, which is $3,988 higher than the five-year average ($3,704 mentioned above).
Drewry Rate Matrix
  • Freight rates on Shanghai – Genoa dropped 13% or $934 to $6,419 per feu.
  • Spot rates on Shanghai – Los Angeles fell 11% or $473 to $3,779 per 40ft box.
  • Rates on Shanghai – Rotterdam and Shanghai – New York dipped 10% and 9% to $ 6,027 and $7,701 per 40ft container respectively.
  • Rates from Rotterdam – Shanghai decreased 5% to $1,006 per 40ft box.
  • Rates on New York – Rotterdam fell 2% or $27 to $1,255 per feu.
  • Rates on Los Angeles – Shanghai and Rotterdam – New York gained 2% each to $1,282 and $6,737 per 40ft container respectively.
  • Drewry expects the index to decrease in the next few weeks.
Capesize Shipping Rates Gain Another 45.2%, Baltic Index 16.8% Higher on the Week.

METHODOLOGY: Drewry World Container Index

The World Container Index assessed by Drewry reports actual spot container freight rates for major East West trade routes. The Index consists of 8 route-specific indices representing individual shipping routes and a composite index. All indices are reported in USD per 40ft Container.

Market assessments will be collected for the following routes:

Shanghai – Rotterdam
Rotterdam – Shanghai
Shanghai – Genoa
Shanghai – Los Angeles
Los Angeles – Shanghai
Shanghai – New York
New York – Rotterdam
Rotterdam – New York

The World Container Index assessed by Drewry is a composite of the 8 route indices weighted for volume on each of the routes representative trade. Volume is expressed in Million TEU’s.

Source: Drewry

From The TradersCommunity US Research Desk