2024 Outlook Mid-Year Ocean Freight Update
Is 2024 bringing back memories of the chaos caused during the Covid-19 pandemic? You're not alone. Jump into Xeneta's mid-year ocean freight update and uncover what's behind the sudden and dramatic increases in shipping rates – complete with practical steps you can take to strengthen your position in the market
In October 2023, Xeneta published the 2024 Outlook report, outlining expectations for the ocean freight container shipping market in the year ahead.
Two months later (December 2023), conflict escalated in the Red Sea and Gulf of Aden, with dramatic and wide-ranging impacts on the market; including:
- Spiralling spot rates.
- Increasing spread between long- and short-term rates heightening risk of cargo being rolled.
- Concerns over available container shipping capacity.
- Port congestion.
This 2024 Outlook Mid-Year Update provides procurement professionals with a vital understanding on mid-year market conditions and how the turbulent global situation may evolve in the months ahead.
Meet the authors:
Patrik Berglund
CEO & Co-founder
Xeneta
Peter Sand
Chief Analyst
Xeneta
Emily Stausbøll
Senior Shipping Analyst Xeneta