Worldwide ocean freight demand and supply are projected to grow by 2.5 per cent and 6.5 per cent respectively this year, according to an Ocean Freight Shipping Outlook report.
Spot rates will remain volatile throughout the year. Carriers will try to raise spot freight rates through smart capacity management and general rate increases.
Steadier long-term freight rates are expected this year than those seen last year. Spot rates will hover just below or above long-term rates throughout this year.