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The World Container Index assessed by Drewry, a composite of container freight rates on eight major routes to/from the US, Europe and Asia, is down by 4.9 % to 1,317.53 $ per 40ft container.

The composite index is down by 4.9 % this week and down by 6 % from the same period of 20[ds_preview]16. The average composite index of the WCI, assessed by Drewry for year-to-date, is 1,527 $ for a 40ft container, which is 101 % lower than the five-year average of 1,628 $ per 40ft container. It is also 6 % lower than a year ago.

Two year spot freight rate trend for the World Container Index week 39 2017

Two-year spot freight rate trend for the World Container Index (Source: Drewry)

The rates have dropped ahead of the Golden Week holidays in China. The World Container Index (WCI) between Shanghai and Rotterdam lost another 54 $ for a 40ft box this week to reach 1,1397 $. Similarly, the rates from Shanghai to Los Angeles dropped by 82 $ to reach 1,464 $ per FEU and the rates on Shanghai-New York declined by another 154 $ to reach 1,981 $ per 40ft box. Drewry expect the rates to fall further next week on account of the Chinese factory shutdown.

Spot freight rates by route assessed by Drewry week 39 2017
Spot freight rates by route (Source: Drewry)