Drewry WCI index climbs 7% amid rising Asia-Europe shipping rates

08 Nov '24

2 min read

Drewry WCI index climbs 7% amid rising Asia-Europe shipping rates

Pic: Adobe Stock

Insights

Drewry WCI rose 7 per cent to $3,444 per 40ft container as of November 7, still significantly below the pandemic peak but 142 per cent above pre-pandemic averages.
Asia-Europe shipping rates continue to climb amid geopolitical tensions.
Key routes such as Shanghai to Genoa saw a 21 per cent surge.
Stable rates from Los Angeles and ongoing upward trends are projected to persist next week.

The Drewry World Container Index (WCI) composite index rose by 7 per cent to $3,444 per 40ft container as of November 7, 2024. This figure is 67 per cent below the pandemic peak of $10,377 recorded in September 2021 but 142 per cent higher than the pre-pandemic average of $1,420 in 2019.

Shipping freight rates for Asia-Europe routes continue to rise, and this trend is expected to persist given the current geopolitical situation.

According to the weekly WCI index, the average year-to-date (YTD) composite index is $4,005 per FEU, which is $1,162 above the 10-year average of $2,843 (inflated by the exceptional 2020-22 COVID period).

Freight rates from Shanghai to Genoa increased by 21 per cent or $751 to $4,399 per FEU, while rates from Shanghai to Rotterdam rose by 16 per cent or $558 to $3,954 per FEU. Similarly, rates from New York to Rotterdam climbed by 3 per cent or $25 to $785 per FEU. Conversely, rates from Rotterdam to Shanghai fell by 3 per cent or $19 to $524 per FEU, rates from Rotterdam to New York dropped by 2 per cent or $40 to $2,624 per FEU, and rates from Shanghai to Los Angeles declined by 1 per cent or $33 to $4,806 per FEU.

Meanwhile, rates from Los Angeles to Shanghai and from Shanghai to New York remained stable. Spot rates on the Asia-Europe trade lane increased for the second consecutive week, and Drewry anticipates that this uptrend will continue into next week.

Fibre2Fashion News Desk (KUL)

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