Our detailed assessment for Thursday, 04 August 2022

• The composite index decreased by 2% this week, the 23rd consecutive weekly decrease, and has dropped by 29% when compared with the same week last year.

• The latest Drewry WCI composite index of $6,628 per 40-foot container is now 36% below the peak of $10,377 reached in September 2021, but it remains 84% higher than the 5-year average of $3,594.

• The average composite index for the year-to-date is $8,168 per 40ft container, which is $4,573 higher than the five-year average ($3,594 mentioned above).

• The composite index decreased by 2% to $6,628.29 per 40ft container, and is 29% lower than the same week in 2021. Freight rates on Shanghai – Los Angeles dropped 3% or $214 to $6,985 per feu. Spot rates on Shanghai – Rotterdam and Shanghai – Genoa fell 2% each to $8,939 and $9,741 per 40ft box respectively. Similarly, rates on Shanghai – New York decreased 1% to $9,774 per 40ft container. However, rates on New York – Rotterdam gained 1% or $18 to $1,292 per 40ft box. Rates on Los Angeles – Shanghai, Rotterdam – Shanghai and Rotterdam – New York hovered around the previous week’s level. Drewry expects the index to decrease in the next few weeks.

Spot freight rates by major route

Our assessment across eight major East-West trades:

Source: Drewry Supply Chain Advisors