Drewry: World Container Index down 19% from last year

The average composite of the World Container Index (WCI) so far this year stands at $1,473 USD per 40 ft. container (FEU), $124 lower than the five-year average of $1,597 per FEU, according to London-based Drewry Shipping Consultants.    The World Container Index, a composite of container freight rates on eight major routes to/from the U.S., Europe and Asia, is up 0.8 percent to $1,157 per 40 ft. container (FEU) compared to last week, but down about 19 percent compared to the same week last year, according to Drewry Shipping Consultants, which gathers and assesses the information for the index.
   The average composite index of the WCI so far this year stands at $1,473 per FEU, $124 lower than the five-year average of $1,597 per FEU and 19.5 percent lower than at this point a year ago, Drewry said.
   Rate hikes during the first week of December strengthened rates on the Asia-Europe and Transpacific routes, according to index findings.
   The WCI assessed on the Shanghai-Rotterdam route surged by $103 from last week to reach $1,407 per FEU. However, rates are 22 percent weaker than in the same period in 2016. Rates on Shanghai-Los Angeles slid by $48 per FEU.
   Meanwhile, rates on Shanghai-New York gained $60 to reach $1,880 per FEU. But despite that, rates on the Shanghai-Los Angeles and Shanghai-New York trade are down 26 percent and 23 percent, respectively, from the same period in 2016.
   “We expect the increase on these (Shanghai) routes to be momentary, and will follow a downward trajectory next week,” Drewry said.