The composite index decreased 3.5% this week and conversely, 3.1% up when compared with same period of 2019.
The average composite index of the WCI, assessed by Drewry for year-to-date, is $1,688 per 40ft container, which is $304 higher than the five-year average of $1,384 per 40ft container.
Drewry’s composite World Container index continues its downward trajectory since the first week of February due to the outbreak of Coronavirus in China and the rest parts of the World. The Index decreased by 3.5% and reached $1485.59 per 40ft container. Spot rates from Rotterdam to Shanghai surged 24% to reach $786 per feu and similarly 45% higher compared to same period previous year. This huge increase is the effect of empties repo prioritization. However, freight rates declined by 10% on Shanghai to Los Angeles trade lane marking the index level at $1327 for a 40ft box. While Transatlantic rates do not seem to have any major changes and have remained steady. Drewry expects no upturn in rates until the epidemic can be brought under control.