Ocean Freight Rates down 1.3% yoy

freight rates

Long-term contracted ocean freights fell for the second consecutive month, and are now 1.3% down year-on-year, as the ramifications of Coronavirus continue to shake the foundations of the global economy. According to the latest XSI Public Indices report from Oslo-based Xeneta, rates fell by 1.8% in June, following on from a 1.2% decline in May. Although levels remain historically high, the carrier segment has now seen a 0.2% decline since the beginning of 2020, after four consecutive months of increases through to February. Furthermore, notes Xeneta, future economic indicators are far from promising.

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