Textile

Drewry WCI notices steep fall of 11 per cent ahead of Chinese new year

24 Jan '25
2 min read
Drewry WCI notices steep fall of 11 per cent ahead of Chinese new year
Pic: Adobe Stock

Insights

The Drewry World Container Index (WCI) composite index experienced a steep fall of 10.63 per cent to $3,445 per 40-foot equivalent unit (FEU) on 23 January 2025, down from $3,855 per FEU the previous week. The WCI index, which reflects movements in global shipping freight, declined ahead of the Chinese Lunar New Year holidays. Chinese trade and shipments almost come to a halt during the multi-day annual event.

The index was 67 per cent below the previous pandemic peak of $10,377 in September 2021 but was 143 per cent higher than the average of $1,420 in 2019 (pre-pandemic).

The average year-to-date composite index is $3,798 per 40-foot container, which is $924 higher than the 10-year average of $2,874 (inflated by the exceptional 2020–22 COVID period).

The freight rates from Shanghai to Rotterdam decreased by 19 per cent, or $797, to $3,434 per 40ft container, while those from Shanghai to Genoa fell by 10 per cent, or $524, to $4,562 per 40ft container. Similarly, rates from Shanghai to Los Angeles reduced by 8 per cent, or $415, to $4,813 per 40ft container, followed by rates from Shanghai to New York, which decreased by 7 per cent, or $448, to $6,377 per 40ft container.

Additionally, the rates from Rotterdam to Shanghai, Los Angeles to Shanghai, New York to Rotterdam, and Rotterdam to New York decreased by 1 per cent to $515, $721, $821, and $2,778 per 40ft container, respectively.

Drewry expects spot rates to decrease slightly in the coming week due to the Chinese Lunar New Year holidays.

Fibre2Fashion News Desk (KUL)
More Textiles News - Global...