THE latest Drewry WCI composite index of US$1,763 per FEU is now 83 per cent below the peak of $10,377 reached in September 2021. It is 34 per cent lower than the 10-year average of $2,688, indicating a return to more normal prices, but remains 24 per cent higher than average 2019 pre-Covid rates of $1,420.
The average composite index for the year-to-date is $1,883 per FEU, which is $804 lower than the 10-year average of $2,688.
The composite index increased by one per cent to $1,763.28 per FEU, but is 77 per cent lower than the same week in 2022. Freight rates on Shanghai - Rotterdam gained three per cent or $53 to $1,645 per FEU.
Rates on Shanghai - Genoa and Shanghai - New York inched up by two per cent each to settle at $2,232 and $2,829 per FEU, respectively. Rates on Shanghai - Los Angeles, Rotterdam - Shanghai, Los Angeles - Shanghai, New York - Rotterdam and Rotterdam, New York hovered at the previous week's level.
Drewry expects east-west spot rates on routes other than the transatlantic to be stable in the next few weeks.
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