The average composite index of the WCI, assessed by Drewry for year-to-date and released February 22, is US $1,472/40ft container, which is $95 lower than the five-year average of $1,567/40ft container.
Spot rates on routes originating from Asia dipped this week on account of the Chinese New Year holidays. Rates on Shanghai-New York fell by $9 to reach $2,825 per feu, and Shanghai-Los Angeles slid to $1,486 per feu. However, the decline in rates on the Trans-pacific route was smaller compared with the drop in the week of the Chinese New Year holidays of 2017. On the trunk Asia-Europe trade, rates on Shanghai-Rotterdam fell by $32 to $1,740 for a 40ft box. Meanwhile, rates on Rotterdam-New York stabilized at $2,067 for a 40ft box. As a result of these rate changes, the Composite Index inched down by $10 to reach $1,497.21 per feu this week. Drewry expected a moderate pick-up in rates the following week.
Drewry also provides benchmarking of contract container freight rates benchmarking covering over 8,000 port pair combinations via its Benchmarking Club for which special discounts are available to paper & pulp companies.