Shipping rates: prepare for a stormy 2024 as shipping lines set sights on freight rate increases

Supply chains around the world could be at serious risk amid expected increases in the cost of ocean freight shipping during 2024. The cost of moving goods by sea has plummeted during 2023 by almost 60% for long term contracts on a global level and some corridors, such as the Transatlantic into US East Coast and Far East to Europe, down by around 80% on both short and long-term rates. In fact, freight rates are so low that shipping liner companies are effectively subsidising businesses to transport their goods around the world. The big shipping liner companies won’t allow this […]

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