The World Container Index, released by Drewry on October 10, 2024, reported a 4% overall decline in spot rates for maritime shipping in the past week, bringing the index to $3,349 per 40-foot container. This figure represents a significant drop from pandemic levels, 68% below the peak reached in September 2021, when the WCI hit $10,377 per FEU. Despite the decline from pandemic highs, current rates are still 136% higher than the pre-pandemic average of 2019, which stood at $1,420 per container. The composite average index for the current year is $4,079 per 40-foot container, $1,248 above the ten-year average of $2,831, which includes the exceptional surge during the Covid-19 pandemic from 2020 to 2022.
In the weekly analysis of major trade routes, average spot rates showed significant changes. The Rotterdam-Shanghai route experienced the steepest drop, decreasing by 8%, or $47, to $543 per FEU. In the opposite direction, Shanghai to Rotterdam saw a 6% decrease, a reduction of $224, bringing the new rate to $3,591. In Europe, the Shanghai-Genoa route experienced a 2% drop, with a $64 reduction, bringing the price to $3,784 per FEU.
Routes to the United States followed a similar trend. Rates from Shanghai to Los Angeles fell by 5%, with a $239 decrease, settling at $5,019 per FEU. Similarly, the cost for the Shanghai-New York route dropped by 3%, down $161 to $5,761. In contrast, transatlantic routes recorded a slight increase. Rates from New York to Rotterdam rose by 1%, reaching $730, while rates from Rotterdam to New York also increased by 1%, with the new rate at $2,083 per FEU.
One of the few stable routes was Los Angeles to Shanghai, which remained unchanged from the previous week, maintaining the rate at $717 per container. However, the recent end of the U.S. port strike, which began on October 1 and lasted for three days, could influence future movements. According to Drewry, a further slight decline in rates on ex-China routes is expected in the coming weeks, aided by restored operational stability at major ports.
