Drewry WCI falls as slow demand persists post-Chinese New Year holiday

The index was 70 per cent below the previous pandemic peak of $10,377 in September 2021 but still 118 per cent higher than the pre-pandemic average of $1,420 in 2019. The average year-to-date composite index is $3,560 per 40-foot container, $680 higher than the 10-year average of $2,880, inflated by the exceptional 2020-22 COVID period.

Freight rates from Shanghai to Rotterdam decreased by 8 per cent or $238 to $2,887 per 40-foot container, while those from Shanghai to Los Angeles fell by 7 per cent or $325 to $4,392 per 40-foot container. Rates from Shanghai to New York were reduced by 5 per cent or $338 to $5,874 per 40-foot container. Rates from Shanghai to Genoa and Los Angeles to Shanghai decreased by 2 per cent and 1 per cent to $4,163 and $703 per 40-foot container, respectively.

Meanwhile, rates from Rotterdam to Shanghai, New York to Rotterdam, and Rotterdam to New York remained stable.

Drewry expects spot rates to decrease in the coming week due to lower demand following the Chinese New Year holidays.

ALCHEMPro News Desk (KUL)