AJOT Newsroom
| October 04, 2023
| Air Cargo | Freighters | Maritime | Liner Shipping
Key insights:
1. Ocean rates are falling nearly across the board, with Asia - N. Europe rates below $900/FEU so far this week, and Asia - Mediterranean prices below $1,500/FEU, their lowest level since 2019.
2. Transpacific rates to the East Coast slid to $2,249/FEU yesterday, their lowest mark since 2018. Prices to the West Coast are below $1,500/FEU though these rates are the only of the major lanes to remain above 2019 levels and retain some of the summer-GRI gains as they are still 13% above their mid-July level.
3. Rate declines continue despite significant blanked sailing campaigns and record slow sailing speeds.
4. Freightos Air Index data saw China - N. America rates increase 8% last week to $4.75/kg, and Asia - N. Europe prices climb 6% to $3.94/kg on some increase in demand, though many in the industry remain pessimistic that a significant air cargo peak season will materialize.
