What is Drewry World container Index?

What is Drewry World container Index?

The World Container Index assessed by Drewry reports actual spot container freight rates for major East West trade routes. The Index consists of 8 route-specific indices representing individual shipping routes and a composite index. All indices are reported in USD per 40ft Container.

What is the World container Index?

The World Container Index (WCI) is the premium resource for frequent, independent container market data. The WCI provides weekly assessments of container freight rates, daily forward price estimates and a bank of historical price movements.

What is the index for container shipping?

The average composite index of the WCI, assessed by Drewry for year-to-date, is $8,475 per 40ft container, which is $5,006 higher than the five-year average of $3,469 per 40ft container.

How is the World container Index calculated?

Index values are calculated by taking the median price for all prices (to ignore the influence of outliers on active lanes) with weighting by carrier. 50 to 70 million price points are collected every month.

Why are freight rates so high?

Therefore, as the economy expands and demand exceeds supply (which we are seeing now), shipping prices increase to help manage demand for cargo space, and to cover costs from unprofitable periods when prices fall. Shipping prices are also particularly sensitive to changes in fuel prices.

What is Cass freight?

Since 1995, the Cass Freight Index® has been a trusted measure of the North American freight market. Our monthly data and the Cass Transportation Index Report provide valuable insight into freight trends as they relate to other economic and supply chain indicators and the overall economy.

How much has ocean freight increased 2021?

Ocean freight rates continue to set new highs in 2021 Ocean freight rates have soared greatly for all trade routes since September 2020 due to the ongoing impacts of the COVID-19 pandemic. The freight rates in August reached $10,174/FEU, an increase of 466% on the previous year.

How much has freight increased?

Rates for truckload, LTL and specialized transportation increased 25%. Parcel rates rose 14.7%, while prices for warehousing services increased 20.5%, with much of that coming after July 2021 as demand spiked hard due to the ripple effect of supply chain bottlenecks at various U.S. seaports.

Are container prices going down?

Since the start of the pandemic, the cost of shipping has increased significantly. In the past month, however, container shipping costs have fallen by about 12%, according to the Drewry World Container Index.

What is the Global freight rate index?

The index measures global container freight rates by calculating spot rates for 40-foot containers on 12 global tradelanes. It is reported around the world as a proxy for shipping stocks, and is a general shipping market bellwether. The FBX is currently one of the most widely used freight rate indices.

What is freight Baltic index?

What is ‘Baltic Freight Index’ Definition: BALTIC Freight Index (BFI) is a leading indicator of spot dry bulk cargo rates. It is not a shipping index, but an indicator of the bulk cargo market. It is calculated by the Baltic Exchange, based in London, a key market for the global shipping business.

How is CBM calculated for shipping?

The CBM formula is a simple calculation – it’s the product of: quantity of items * length * width * height. If your shipment has different sized items, simply repeat the formula for each size and add up the volumes.

How is FBX calculated?

FBX is calculated using the Buy Rates Ocean Carriers offer to large Freight Forwarders, or NVOCCs, or large shippers (BCOs) who are using the Freightos Applications*. FBX calculation includes only tariff prices offered by Carriers to large Freight Forwarders.

What is FEU shipping?

FEU is an acronym used in logistics, which means ‘Forty Equipment Unit’.

How are sea freight charges calculated?

The CBM factor used for ocean freight is 1 CBM = 1 ton. In this example, the actual ton weight is less than the volumetric weight (CBM) and hence, the ocean freight charges are calculated based on the CBM.

Will freight rates go up in 2022?

After a year in which freight rates continued to set new highs, spot rates are on the decline in 2022 with experts pointing to a series of factors likely contributing to an ongoing decline.

Why is China freight so high?

After the world went into global lockdown in response to COVID-19, China reopened its economy faster than the US and Europe. However, the shipping containers China needed to ship manufactured goods were stuck in those two regions. This led to a shipping container shortage for China.

Why is freight so expensive 2021?

Shipping has become expensive in 2021 for several reasons: lack of shipping containers, unexpected delays, and inefficient cargo processing. The lack of shipping containers was initially caused by millions of empty shipping containers in Europe and the US waiting to go back to China.