As the ocean freight market begins to weaken along with demand, it is crucial to be equipped with reliable market insight. Spot rates nosediving, high levels of blanked sailings and a 20% drop in US ocean freight orders are among the trends we see already in October. Congestion is rapidly declining on the US East Coast, but canceled sailings into North America are on the rise. What does this mean for global spot and long-term rates in Q4?
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Market Developments So far...
September has seen a rise in global capacity and was the 2nd highest month in 2022 in terms of new ships delivered from the Far East. But easing congestion and an increase in new ships will outpace demand.
In Transatlantic, spot rates are trending slowly downward as US demand slides. Long-term rates have marginally increased on the trade lanes into the US since July, while the inbound trade lanes for the Mediterranean and North Europe have seen a decline of 14% and 30%, respectively. (Source)
Volumes in Intra-Asia sharply rose after the reopening of Shanghai but now have reached a plateau. On some backhaul trades, we see an increase in volumes as exporters found new markets in India and the Middle East in August.
In the UK, Liverpool has begun another one-week strike from Oct 11 to Oct 17) and Felixstowe could strike again for the 3rd time. The number of vessels waiting at these ports is steadily increasing, causing low container availability.
Join us for our monthly flagship webinar, where Xeneta experts will dive into pressing current events, analyze the state of the ocean freight market, and review container rate movements on the main trade corridors.
How low will spot and long-term rates go as congestion eases?
Mitigating the decrease in global consumer demand
Negotiating/renegotiating in the weaker market
Current freight rates across major trade lanes
Meet the Speakers:
Michael Braun, VP Customer Solutions
Emily Stausbøll, Market Analyst, Xeneta
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