Ocean Freight Rate Tracker: Q3 2023

Ocean freight rates continue to stabilise but has the market really returned to normal? Q3 2023 Ocean Freight Rate Tracker shows that:

  • Trade patterns are changing.
  • Head haul rates index down to 103.2 in August 2023.
  • Shipping a forty foot container now costs on average $12,000 less than 2 years ago.

  • Demand dynamics are changing.
  • Overall, container shipping market conditions suggest continued weakness in freight rates driven by a strong expansion in available container ship capacity.

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