World container index down by 4.1% – Drewry

The world container composite index (WCI) has decreased 4.1 percent this week.

The container index also dropped by 0.6 percent when compared with same period of 2019.

The average composite index of the WCI, assessed by Drewry for year-to-date, is $1,754 per 40ft container, which is $364 higher than the five-year average of $1,390 per 40ft container.

Drewry’s World Container composite index decreased by 4.1 percent to $1,672.61 per 40ft container.

As anticipated in the previous week, freight rates on trades originating from Asia saw a decline due to an outbreak of Coronavirus in China. Spot rates on Shanghai-Genoa plunged by $223 and reached $2487 per 40ft container.

Similarly, rates from Shanghai to Rotterdam dropped by five percent – a change of $109 to touch $2033 for a 40ft box.

Also, Shanghai-Los Angeles rates declined by $50, marking the index level at $1540, while freight rates from Rotterdam to Shanghai and Los Angeles to Shanghai remained the same.

Drewry expects freight rates to decrease marginally in the coming weeks.