Drewry: World Container Index down nearly 5% this week

Not only is the composite index of container freight rates from around the world down by 4.9 percent this week, but it’s also down 6 percent from the same period in 2016, according to London-based maritime industry consultant Drewry.    The World Container Index, a composite of container freight rates on eight major routes to and from the United States, Europe and Asia, fell 4.9 percent this week to $1,317.53 per 40-foot container (FEU), according to an assessment by London-based research and consulting services firm Drewry.
   Not only is the composite index down by 4.9 percent this week, Drewry said Sept. 28, but it’s also down 6 percent from the same period in 2016.
   The average composite index of the WCI, assessed by Drewry for year-to-date, is $1,527 USD per 40-foot container, $101 lower than the five-year average of $1,628/40ft. container. It’s also six percent lower than a year ago.
   The rates have dropped ahead of Golden Week holidays in China, Drewry reported. Golden Week is a semi-annual seven-day national holiday that’s typically observed during the first week in October.
   The World Container Index between Shanghai and Rotterdam also lost another $54 this week to reach $1,1397 per FEU, according to Drewry. Similarly, rates from Shanghai to Los Angeles dropped $82 to reach $1,464 per FEU, and the rates on Shanghai-New York fell another $154 to reach $1,981 per FEU.
   “We expect the rates to fall further next week on account of the Chinese factory shutdown,” Drewry said in a statement.