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Ocean container rates were particularly high during 2022, but towards the latter half of the year started to fall, as the market experience a significant oversupply of capacity, while airfreight volumes dipped for a ninth consecutive month in December.
Freight rates are dropping from their pandemic highs, following two years of tight capacity and high rates.
Ocean container rates were particularly high during 2022, but towards the latter half of the year started to plummet, due to a fall in demand and significant oversupply of capacity – with a further influx expected in 2023, prompting shipping lines to blank sailings.
Airfreight volumes dipped for a ninth consecutive month in December, dashing hopes of a late peak season boost, with many forwarders taking a ‘wait and see’ approach before making long-term air cargo capacity commitments.
Overland freight prices are also due pressure, but the cost base is high, so spot rates may remain relatively stable as contract rates continue to “normalise,” ebbing from their pandemic highs.
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