The composite index decreased by 2% to $1,342 this week and has dropped by 57% when compared with the same week last year.
The latest Drewry WCI composite index of $1,342 per 40-foot container is now 6% below the average 2019 (pre-pandemic) rates of $1,420 and is the lowest for 3 years.
The average composite index for the year-to-date is $1,711 per 40ft container, which is $965 lower than the 10-year average rates of $2,676 (which was inflated by the exceptional 2020-22 Covid period).
Freight rates on Rotterdam to New York and Shanghai to New York decreased by 3% to $1,518 and $2,552 per 40ft container.
Likewise, rates on Shanghai to Rotterdam and Shanghai to Genoa declined by 2% to $1,004 and $1,344 per feu.
Furthermore, rates on Rotterdam to Shanghai, Shanghai to Los Angeles and Los Angeles to Shanghai inched down by 1% to $472, $1,961 and $806 per 40ft box.
Conversely rates on New York to Rotterdam increased by 1% to $709 per 40ft container. Drewry anticipates East-West spot rates to remain close to current levels, overall, in the upcoming weeks.