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Freightos: Weekly Ocean Freight Index UpdateRates from Asia to the US East Coast have been more stable due to concerns about a potential port worker strike on 01 October but are expected to decline as the strike deadline passes. |
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The latest Weekly Ocean Freight Index from Freightos showed a continued decline in spot booking rates, driven by falling demand as the peak shipping season ended earlier than usual.
The Freightos Baltic Index, dated September 3, reported the following week-on-week changes in booking rates:
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Route |
Cost (USD/FEU) |
Changes |
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Updated on 10 September 2024 |
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Asia - US West Coast |
$6,837 |
Stable |
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Asia - US East Coast |
$9,130 |
- 3% |
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Asia - Northern Europe |
$6,787 |
- 13% |
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Asia - Mediterranean |
$6,011 |
- 4% |
Key takeaways:
Ocean spot rates from Asia to Northern Europe and the Mediterranean have fallen over 20% from their July highs, suggesting an early end to the peak shipping season. Rates could decline further as the European holiday shipping deadline approaches and demand wanes, following early orders prompted by longer transit times from Red Sea diversions and delays at Asian ports.
Transpacific shipping also experienced an early peak, with volumes nearing record levels in August but expected to drop in October. Rates from Asia to the US East Coast have been more stable due to concerns about a potential port worker strike on 01 October but are expected to decline as the strike deadline passes.
Meanwhile, a super typhoon in Vietnam and heavy rains in China have caused delays, disrupting ocean logistics in the region.
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