What is the index for container shipping?

What is the index for container shipping?

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 global container index?

A global container index is a weighted average of individual lane indices and offers a big-picture perspective on the worldwide supply/demand balance. Looked at over a span of multiple years, global indices provide important insights on the ebb and flow of ocean container markets.

Is there a shipping index?

The XSI® – C is the container shipping industry’s most transparent and trusted container rates index. It delivers the most in-depth and most accurate representation of the container freight market. The XSI® – C reports rolling short-term Freight All Kind (FAK) rates valid for less than 32 days, for a 40′ container.

How many shipping containers are there in the world 2021?

Currently, there are 17 million shipping containers across the globe.

Why are ocean freight rates so high?

Health concerns and lockdown restrictions caused the market to depend heavily on ecommerce. Online retail activity increased immensely, and it led to a much higher demand for retail goods. But the increased demand for certain goods comes with a price, that price being soaring sea freight costs.

What is Drewry’s composite World container index?

The average composite index of the WCI, assessed by Drewry for year-to-date, is $9,490 per 40ft container, which is $6,537 higher than the five-year average of $2,953 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.

How many TEU are in a 40 container?

two TEUs
The 20ft container, which is referred to as the Twenty-foot Equivalent Unit (TEU) has become the standard measurement reference. Now, the volume of cargo and the capacity on a vessel are often measured in TEU. At the same time 40ft containers, which are the same as two TEUs, are known as the Forty-foot Equivalent Unit.

How many containers can a huge ship carry?

24,000 containers
The largest ships today can haul 24,000 containers—equal to a freight train 44 miles long. Today, the standard container size is 20 feet long, the same width, but more commonly half a foot taller – a size that’s become known as a “20-foot-equivalent container unit,” or TEU.

How much have freight costs increased in 2021?

Performance indices for Parcel, LTL and Truckload increased year-over-year and quarter-over-quarter as capacity constraints persist across all modes. Of note, the Truckload index increased 28.5% YOY and 12.8% since January 2021. LTL increased 9.1% compared to 2020, and 4.1% compared to January 2021.

Why is container shipping from China so expensive?

The rise of global imbalances in the locking down of countries at various times, production, and demand, in addition to the increased demand and limited capacity of shipping companies due to the pandemic, has pushed up the shipping prices to new heights.

Why are shipping costs so high?

The primary reason for the sudden spike in the price of shipping is the world’s ongoing nemesis: COVID-19. The pandemic affected global supply chains in 2020, and shipping prices reflect that. Major Ports in China Are Facing New COVID Threats—Leading to Further Delays. How Can Companies Mitigate Their Shipping Costs?

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