Container freight rate indexes explained: WCI, FBX, SCFI and more
Container freight is priced by negotiation between carriers, forwarders and shippers, so there is no single exchange price for a box. Indexes fill that gap by publishing a repeatable number for a defined lane, container size and reporting period. Teams use them for budgeting, tender benchmarking, index-linked contracts and derivatives, yet each index answers a different question, and treating them as one number leads to bad comparisons.
The main indexes
Drewry World Container Index (WCI)
The WCI is published by Drewry. It is a spot rate index updated every Thursday and quoted in US dollars per 40ft container (FEU). It tracks eight east-west lanes, four headhaul and four backhaul: Shanghai to Rotterdam, Rotterdam to Shanghai, Shanghai to Genoa, Genoa to Shanghai, Shanghai to Los Angeles, Los Angeles to Shanghai, Shanghai to New York, and New York to Rotterdam. Drewry also publishes a composite of those lanes. Because it covers a fixed, narrow set of port pairs and updates weekly, the WCI is a trend indicator, not a description of the whole market.
Freightos Baltic Index (FBX)
The FBX is published by Freightos with the Baltic Exchange. It is IOSCO-compliant, following the standards expected of a benchmark used for index-linked contracts and derivatives, and it is traded on the Singapore Exchange and the Chicago Mercantile Exchange. It quotes 40ft container pricing across major lanes, covering Asia to North America, Asia to North Europe and the Mediterranean plus several reverse and intra-regional lanes. It updates daily and publishes weekly averages, making it more granular than the weekly-only indexes.
Shanghai Containerized Freight Index (SCFI)
The SCFI is published by the Shanghai Shipping Exchange, which also maintains the China Containerized Freight Index. It is weekly, released on Fridays, and based on rates for cargo exported from Shanghai. It covers Shanghai to Europe, the Mediterranean, the US West and East coasts, the Persian Gulf, Australia, South America and several Asian destinations. Values are quoted per TEU on most lanes and per FEU on some, so check the unit before comparing. It anchors freight futures and feeds many reference rates.
Ningbo Containerized Freight Index (NCFI)
The NCFI is published by the Ningbo Shipping Exchange and is also weekly. It measures rates for container cargo exported from Ningbo, one of the world’s busiest ports, to Europe, the Mediterranean, North America and other regions, quoting per TEU and per FEU. Because it samples a different port than the SCFI, the two often move together in direction but apart in level: the Chinese export rate is not a single number.
Xeneta XSI
The Xeneta Shipping Index is published by Xeneta, an analytics platform built on crowdsourced rate data contributed by shippers and forwarders. It covers long-term contract rates and spot rates, and reports monthly for its headline index. Its distinctive input is paid contract rates rather than published quotations, so it is widely used for contract benchmarking. Independent commentary on these readings is tracked in the trade press, including the Sea Intelligence press room.
Reading any index correctly
Spot versus contract. Spot rates apply to a single shipment booked close to departure; contract rates are agreed in advance against a volume commitment. The WCI, SCFI, NCFI and FBX headline figures are spot measures, while the XSI covers both. Quoting a spot index to justify a contract rate, or the reverse, is a common error.
Per FEU versus per TEU. A 40ft container is an FEU and a 20ft container is a TEU. Rates are not linear, so a 40ft box does not cost twice a 20ft one. Confirm the unit before comparing a per FEU index with a per TEU one.
Index-linked contracts and BAF-style adjustment. Index-linked contracts tie the agreed rate to a published index, so the price floats with the market between tenders. A similar idea sits behind BAF (bunker adjustment factor) mechanisms, where a base freight rate is adjusted for fuel. When reading such a deal, check which index, lane, container size and period are named. Capacity decisions by carriers, including shipping alliances, shape how much of that rate is available.
Base port versus inland door. Most indexes quote port to port, excluding trucking, rail, terminal handling and documentation to the final destination. A door to door shipper pays more than the index suggests, and the inland leg moves independently.
All-in versus freight-only, and surcharges. All-in rates bundle ocean freight with surcharges, while freight-only quotes exclude peak season and congestion surcharges, container imbalance fees, documentation and security fees. Indexes typically track base ocean freight, so a rate that looks cheap on the index can grow once surcharges are added. Establish which fees sit outside.
One lane is not the market. No single lane represents the global market. A Shanghai to Los Angeles figure says nothing directly about Shanghai to Rotterdam, let alone intra-Asia or north-south trades. A headline rate is evidence about one corridor.
Why two indexes disagree. Two indexes can quote different numbers for what sounds like the same lane. The reasons are structural: different port pairs, different lane baskets and weightings, different timing (daily versus weekly versus monthly), and different samples. Some indexes capture quoted asking rates; others capture actual booked or paid rates. None is wrong; they measure different inputs.
How to cite a rate responsibly
Cite six things: the index name, the trade lane, the container size, the reporting period, the publisher as the source, and the original publication date. A well formed example: Drewry World Container Index, Shanghai to Rotterdam, US dollars per 40ft container, week ending on the stated date, source Drewry. If you cannot name the reporting period, describe the methodology instead of quoting a level.
Index comparison
| Index | Publisher | Update frequency | Quoting unit | Coverage |
|---|---|---|---|---|
| Drewry WCI | Drewry | Weekly | US dollars per 40ft (FEU) | Eight east-west lanes |
| FBX | Freightos with Baltic Exchange | Daily, weekly averages | 40ft container | Major global lanes, IOSCO-compliant |
| SCFI | Shanghai Shipping Exchange | Weekly | Per TEU, per FEU on some lanes | Shanghai export lanes |
| NCFI | Ningbo Shipping Exchange | Weekly | Per TEU and per FEU | Ningbo export lanes |
| Xeneta XSI | Xeneta | Monthly | Per container, contract and spot | Crowdsourced global lanes |
Each index is a defined measurement, not a universal price. Pair the right index with the right lane and period and the number becomes a tool; get the pairing wrong and it becomes a fiction.
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