Reduced container shipping capacity on intra-Asia tradelanes has led to fewer sailings and higher rates for freight sourcing. Shipping lines have deployed as much capacity as possible on the more-lucrative transpacific and Asia-Europe trades, leaving intra-Asia capacity down 11% and with 331,000 fewer slots than in 2020.This has had an impact on freight rates. According to Xeneta, a freight rate benchmarking platform, in the first half of January, spot rates from the main Chinese ports to the main Japanese and South Korean hubs rose to an average of $1,800 per 40ft, compared with $1,400 in 2021 and $640 in 2020.
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See AllGlobal air cargo demand increased by 11% year on year in March for the third consecutive month, driven by factors like e-commerce and disruptions in Red Sea shipping. Xeneta's latest analysis revealed
Ocean freight rates decreased via North America East Coast (-3.9% week-over-week), North America West Coast (-2.8%), Europe (-0.7%), and Korea (-1.9%).
Air cargo rates on major east-west trades in February continued their decline compared to last year due to the timing of the Lunar New Year break. According to the Baltic Exchange Airfreight Index (BA
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