Xeneta: Long-Term Ocean Freight Rates Collapse By Almost 30% In A Month As New US Contracts Reflect Market Reality

The ocean freight industry saw a slump in global long-term rates of unprecedented proportions in May, as the contracted cost of shipping containers dived by 27.5%. The development, detailed by Xeneta’s Shipping Index (XSI®), marks the ninth consecutive month of rates drops, and is the largest ever monthly fall recorded on the XSI®. A new …