Drewry WCI slightly down, Asia-Europe rates poised to climb

15 Nov '24

2 min read

Drewry WCI slightly down, Asia-Europe rates poised to climb

Pic: Adobe Stock

Insights

The Drewry WCI composite index fell slightly to $3,440 per 40ft container on November 14, 67 per cent below its 2021 peak but 142 per cent higher than 2019 levels.
Freight rates rose on routes from Shanghai to Rotterdam and Rotterdam to New York, but declined from Shanghai to Los Angeles and Rotterdam to Shanghai.
Drewry forecasts rate hikes for Asia-Europe routes following mid-November GRIs.

The Drewry World Container Index (WCI) composite index eased slightly to $3,440 per 40ft container on November 14, 2024, down from $3,444 per 40ft equivalent unit (FEU) the previous week. This represents a 67 per cent decline from the pandemic peak of $10,377 recorded in September 2021 but remains 142 per cent higher than the pre-pandemic average of $1,420 in 2019.

The year-to-date (YTD) average composite index stands at $3,992 per FEU, which is $1,147 above the 10-year average of $2,845 (inflated by the exceptional 2020-2022 COVID period).

Freight rates on specific routes showed mixed movements. Rates from Shanghai to Rotterdam increased by 2 per cent, or $89, reaching $4,043 per FEU. Similarly, rates from Rotterdam to New York rose by 1 per cent, or $34, to $2,658 per FEU. Conversely, rates from Shanghai to Los Angeles declined by 2 per cent, or $106, to $4,700 per FEU, while rates from Rotterdam to Shanghai dropped by 1 per cent, or $3, to $521 per FEU.

Meanwhile, freight rates on the routes from Shanghai to Genoa, Los Angeles to Shanghai, Shanghai to New York, and New York to Rotterdam remained unchanged.

Drewry anticipates spot rates on the Asia-to-Europe trade route to rise next week, as carriers have announced general rate increases (GRIs) effective mid-November.

Fibre2Fashion News Desk (KUL)

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