Global maritime freight rates mark a downward trend

Brussels, Apr 9 (Prensa Latina) Global freight rates today mark a sustained drop in rates with a decline of 24 percent since August 2022, although experts warn that the result is due to the lack of contracts.

April 9, 2023
10:19

According to the specialized portal Mundo Marítimo (Seaworld), the monthly index Xeneta Shipping Index (XSI®) -rates of the main world carriers-, freight rates in March recorded their lowest record of the year, falling 0.5 percent compared to data from February’s 1.0 following a month-on-month plunge of 13.3 percent.

Although this month’s indicator shows uneven behavior of rates in the main regional trade corridors, the European sub-index contracted 6.0 percent, and the export sub-index in the East fell 1.6 percent.

According to Xeneta’s CEO Patrik Berglund, rates have skyrocketed during the disruption to supply chains and strong demand as a result of the Covid-19 pandemic.

In the United States, he added, the import sub-index rose 65 percent between the key trading period of April/May 2022.

However, the expert believes that the behavior for 2023 will be different, due to market uncertainties, weak demand, and macroeconomic and geopolitical concerns.

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