Drewry’s today reported that its World Composite Index (WCI) increasedby 4% or $344 to reach $9,330.28 per 40ft container – which is 368% higher than the same week in 2020.The UK-based shipping consultancy expects rates to increase further in the coming weeks.

The average composite index of the WCI, assessed by Drewry for year-to-date, is $6,090 per 40ft container, which is $3,957 higher than the five-year average of $2,133 per 40ft container.

Freight rates from Shanghai to New York soared 13% or $1,562 to reach $13,434 per 40ft container, a change of 300% Y-o-Y. Spot rates on Shanghai to Los Angeles increased 6% or $550 to $10,503 for a 40ft box.

Similarly, rates on Rotterdam to New York grew 5% to $5,624 per feu. Freight rates on Shanghai to Genoa and New York to Rotterdam remain stable at previous weeks level

The WCI is a composite of container freight rates on eight major routes to and from the US, Europe and Asia. Photo of Los Angeles port by Ward Barrett