Drewry World Container Index – 21 November 2024
The Drewry World Container Index, a composite of container freight rates on eight major routes to/from the US, Europe and Asia, decreased 1% to $3,413 per feu this week.
- The Drewry WCI composite index decreased 1% to $3,413 per feu, which is 67% below the previous pandemic peak of $10,377 in September 2021 but 140% more than the average $1,420 in 2019 (pre-pandemic).
- The average YTD composite index is $3,980 per feu, which is $1,132 higher than the 10-year average of $2,848 (inflated by the exceptional 2020-22 Covid period).
- Freight rates from Shanghai to Genoa increased 3% or $120 to $4,520 per feu. Likewise, spot rates from Shanghai to Rotterdam, New York to Rotterdam and Rotterdam to New York inched up 1% to $4,071, $793 and $2,672 per feu. On the other hand, rates from Shanghai to Los Angeles decreased 5% or $212 to $4,488 per feu while those from Rotterdam to Shanghai fell 1% 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.
- Note: Due to the highly volatile market, Drewry revised the methodology of WCI in Week 20, 2021 by changing the criteria for ‘data outliers’ (data excluded from ‘average rate index’ calculation). We will reject data points only if they are 30% higher or lower than median instead of 20% higher or lower previously.
If you need spot market container freight rate information on other routes than those mentioned above, you can find them in our Container Freight Rate Insight (CFRI) online service, which covers over 790 global port pairs (updated monthly).
For information on Drewry’s extensive ocean freight cost benchmarks for both spot rates and contract rates, visit https://www.drewry.co.uk/supply-chain-advisors/supply-chain-expertise/ocean-freight-cost-benchmarks
