Posted on August 1, 2023

Global long-term shipping rates sank to a two-year low in July, a fall of 9.5% since June, adding to a deep collapse that started last year. Freight rates are falling on all the main trading corridors.

Market indications also show there will be little respite on the horizon for carriers.

Overcapacity in the freight shipping market is now inevitable as record numbers of new ships are being delivered this year.

Low demand in international trade means that there will be insufficient freight demand to keep rates up. European Imports were down by 12.0% from the previous month and this sub-index is now down by 52.7% since the start of this year.

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