Long-term ocean freight rates made a steep month-on-month decline in November. Weak demand, and ongoing economic uncertainty meant that – once contracted container agreements had expired – rates were bound to fall.
The latest data from the Xeneta Shipping Index indicates that global rates fell by 5.7%, and all major corridors experienced negative import and export trends. This is the third month in a row rates have dropped, but the largest month-on-month decline recorded since the launch of the in 2019.