Drewry: World Container Index jumps 5%

Date: Friday, February 2, 2018
Source: American Shipper

The World Container Index (WCI) - a composite of container freight rates on eight major routes to and from the United States, Europe and Asia - increased 5 percent since last week to $1,539 per FEU, according to the latest assessment by London-based shipping consultancy Drewry.
   The increase came on the back of a final round of general rate increases before the annual Chinese New Year holidays, when many businesses in Asia shut down for up to two weeks.   
   Although the composite index rose 5 percent this week, it’s still 13.9 percent lower than the same period in 2017.
   The average composite index of the WCI, assessed by Drewry for year-to-date, is $1,453 per FEU, which is $122 per FEU lower than the five-year average of $1,575 per FEU.
   Rates on the Shanghai-New York route increased by $61 per FEU to reach $2,944 per FEU this week, according to Drewry’s assessment. Similarly, rates on the Shanghai-Los Angeles route surged by $120 per FEU this week to reach $1,565 per FEU.
   Meanwhile, rates on the Asia-Europe route also strengthened this week, with the Shanghai-Genoa route increasing by $107 per FEU to reach $1,634 per FEU, and the Shanghai-Rotterdam route rising by $95 per FEU to reach $1,813 per FEU.
   “We expect the freight market to be buoyant until mid-February on the back of the pre-CNY (Chinese New Year) volumes,” Drewry said.

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