Drewry: World Container Index Down 1% Last Week

For many years, World Container Index (WCI) has been the go-to, independent, global reference for index-linked contracts. If your organisation requires regional visibility/coverage beyond the eight trade lanes provided below, contact the team.

• The Drewry World Container Index (WCI), the benchmark widely referenced by procurement teams, decreased 1% to $4,389 per 40ft container this week. The decline can mainly be attributed to lower rates on the Transpacific and Asia-Europe trade routes, as port congestion improved and demand eased at Chinese ports.

• On the Transpacific trade route, rates from Shanghai to New York fell 3% to $9,303 per 40ft container, while rates from Shanghai to Los Angeles were unchanged at $7,539 per 40ft container. Port congestion at major Chinese ports, which persisted for several weeks, has begun to ease, with average vessel waiting times at Shanghai improving to 35 hours last week as weather conditions improved and demand softened. According to Drewry’s Container Capacity Insight, three blank sailings have been announced for next week, down from five this week, indicating an increase in effective capacity. With the increase in effective capacity, rates are expected to remain under downwards pressure. Drewry therefore projects a decline in rates next week.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →