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Leading benchmark provider, General Index, and maritime data specialist and software platform, Signal Ocean, have signed an agreement to publish a revolutionary set of ocean freight and CO2 benchmarks.
The US GDP fell 1.4% in the first quarter of 2022, which has concerned economists and analysts alike. Ripples have been felt across the Trans-Pacific corridor as discussions of a freight recession and cooling ocean freight spot rates hit the headlines.
Trans-Pacific container spot rates between China and the US West Coast and US East Coast have been on a steady decline since peaking in early January.
After a rare dip in long-term contracted ocean freight rates in December and January, container shipping costs are rising once again, with a 3.9% increase in February.
Over the past decade, there has been an increasing number of freight forwarders adopting technology. But for the most part, the industry has employed it to improve its internal processes.
In total, the value of all cross-border cargo movement between the US and its NAFTA partners Canada and Mexico fell 3.4% to $1.069 trillion.
Ocean freight rates for cargo moving under contracts on the major East-West trade routes saw a reversal of trend in 4Q 2016, according to Drewry’s Benchmarking Club.
Maersk Line’s average freight rate decreased by 16% year-on-year, but was up 5.5% compared to previous quarter.
France’s CMA CGM, the world’s third-largest container shipping firm, said freight rates should recover next year after a market downturn led to a sharp fall in its third-quarter profits.