Ocean Freight Rate Tracker Q1 2024


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Red Sea disruption causes ocean freight rates to spike at highest rate for 16 months.

Download the Q1 2024 Ocean Freight Rate Tracker report to understand freight rate expectations for 2024. Q1 data shows that:

 

 

  • Headhaul rates up 153.6 index points, up 173.8% in monetary terms vs 3 months prior.
  • The average cost of shipping a forty foot containeron major global headhauls increases from $1,411 in Nov 2023 to $3,864 at the start of February 2024.
  • Global volumes rose by 1.2% in Q4 2023 compared to the previous quarter.

  • There is potential for a possibly quite violent downward shift in rates if Red Sea and Panama Canal disruption is resolved, especially given the large number of ships on order.

  • Q1 24 industry sentiment is swaying towards an overall increase in rates. The majority of surveyed respondents expect the most significant increase to be on the Asia to Europe North west route.

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