The World Container Index assessed by Drewry, a composite of container freight rates on 8 major routes to/from the US, Europe and Asia, is down by 1.8% to $1511.64/40ft container [updated Thurs, 08 Feb 18].
Two-year spot freight rate trend for the World Container Index:
The composite index is down by 1.8% this week and down by 14.6% from the same period of 2017.
The average composite index of the WCI, assessed by Drewry for year-to-date, is US $1,463/40ft container, which is $110 lower than the five-year average of $1,573/40ft container.
The Composite Index declined by $27 to $1,512 per feu this week as pre-CNY GRIs edged down. Rates on Shanghai-New York fell by $88 per feu to reach $2,856 and rates on Shanghai-Los Angeles dropped by $46 from last week to $1,519 per feu. Rates on Shanghai-Genoa were stable, while rates on Shanghai-Rotterdam shed $41 to reach $1,772 for a 40ft box. Meanwhile, GRIs on Transatlantic trade strengthened rates on Rotterdam-New York by $78 to $2,067 for a 40ft box. We expect freight rates to weaken next week on account of demand downturn during the Chinese Spring Festival.
