Freightos: Weekly Ocean Freight Index Update
The latest data from the Freightos Baltic Index indicates a marginal decline in ocean freight rates from Asia to key destinations, driven by weakened demand and intensified competition from smaller carriers.
The latest data from the Freightos Baltic Index indicates a marginal decline in ocean freight rates from Asia to key destinations, driven by weakened demand and intensified competition from smaller carriers.
The Freightos Baltic Index, dated September 3, reported the following week-on-week changes in booking rates:
|
Route |
Cost (USD/FEU) |
Changes |
|
Updated on 03 September 2024 |
||
|
Asia - US West Coast |
$6,858 |
- 4% |
|
Asia - US East Coast |
$9,409 |
- 3% |
|
Asia - Northern Europe |
$7,770 |
- 2% |
|
Asia - Mediterranean |
$6,274 |
- 12% |
Key takeaways:
- The arrival window for peak season goods is closing in Northern Europe and the Mediterranean, which took away some of the demand. Due to longer transit times and the upcoming Golden Week slowdown in China, buyers have completed their orders much earlier than usual.
- Prices to Northern Europe remain five times higher than in 2019 but have decreased by 10% from their July peaks.
- The arrival window for goods to the US East Coast and Gulf before a potential port worker strike on October 1st is nearly closed.
- Increased capacity, including new carriers, has contributed to rate declines and competition, with some smaller carriers already offering discounted rates.
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