Drewry WCI eases 1%; freight rates vary across routes globally

22 Nov '24

2 min read

Drewry WCI eases 1%; freight rates vary across routes globally

Pic: Adobe Stock

Insights

Drewry World Container Index (WCI) fell 1 per cent to $3,413 per FEU as of November 21, 2024, 67 per cent below its pandemic peak but 140 per cent above pre-pandemic levels.
Year-to-date, the WCI averages $3,980 per FEU.
Rates rose on routes like Shanghai to Genoa but fell on others such as Shanghai to Los Angeles.
Drewry forecasts stable spot rates next week, with charges varying by route.

The Drewry World Container Index (WCI) composite index eased by 1 per cent to $3,413 per 40ft container on November 21, 2024, down from $3,440 per 40ft equivalent unit (FEU) the previous week. It is 67 per cent below the pandemic peak of $10,377 in September 2021 but 140 per cent higher than the pre-pandemic average of $1,420 in 2019.

The year-to-date (YTD) average composite index stands at $3,980 per FEU, which is $1,132 higher than the 10-year average of $2,848 (inflated by the exceptional COVID period from 2020 to 2022).

Freight rates from Shanghai to Genoa increased by 3 per cent, or $120, to $4,520 per FEU. Similarly, spot rates from Shanghai to Rotterdam, New York to Rotterdam, and Rotterdam to New York inched up by 1 per cent to $4,071, $793, and $2,672 per FEU, respectively.

Conversely, rates from Shanghai to Los Angeles decreased by 5 per cent, or $212, to $4,488 per FEU, while rates from Rotterdam to Shanghai fell by 1 per cent, or $4, to $517 per FEU.

Meanwhile, rates from Los Angeles to Shanghai and Shanghai to New York remained stable.

Drewry expects spot rates to remain stable next week. Freight charges vary across different routes around the world.

Fibre2Fashion News Desk (KUL)

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