Ocean Freight Rates for Q2, 2023 end on a multi-year low - India Shipping News

Ocean freight prices hit multi-year lows in June, with breakbulk spot rates depreciating 3-5% and shortsea rates falling 4-6%. Container rates are now at 2019 and 2020 levels, while the Freightos Global Index and Drewry's World Container Index reached their lowest levels in 44 and 38 months, respectively. The Shanghai Containerized Freight Index has been trending lower, and the Chinese Containerized Freight Index broke below USD 900. Transpacific and transatlantic rates also fell significantly, and the industry is facing low demand and an influx of new fleet. Q3 2023 rates remain uncertain.

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