Oslo-based Xeneta has released the figures, drawn from its Xeneta Shipping Index (XSI®) Public Indices for the contract market, which crowd-sources and aggregates real-time data from the world’s leading shippers to deliver market insights.
May saw the highest ever monthly increase in long-term contracted ocean freight rates, as the cost of locking in container shipments soared by 30.1%.
April saw the third consecutive monthly climb in long-term contracted ocean freight rates, with shipping costs rocketing by 11.1% globally to stand 109.9% up year on year.
April has delivered a shock to the system for long-term ocean freight rates from the US to the Far East, with significant falls on both East Coast and West Coast routes.
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.
Based on crowdsourced data from leading global shippers, the analysis shows the second consecutive monthly rates decline, following a staggering 14 months of consistent increases.
Ocean carriers remain in pole position in negotiations for long-term freight contracts, with high demand, port congestion, and supply chain disruption driving further rates increases.
Xeneta’s Long-Term XSI® Public Indices revealed yet another monthly hike in long-term ocean freight rates, with global container prices climbing by 3.2%.
July saw the container shipping industry enter uncharted water, as long-term contracted rates surged by their largest ever monthly increase, climbing by close to one third.