DHL Ocean Freight Market Update – February 2024

Find out the latest developments of the global ocean freight market in this monthly analysis by DHL Global Forwarding.
  • OFR market volume has been back to year-over-year growth since October, but high Inflation levels remain.
  • Vessels involved in the 1st diversion to Cape of Good Hope were originally planned back in Asia for container loading Lunar New Year holidays. Equipment issues now prevail in Asia, while the low water situation in Panama Canal adds further constraints.
  • Capacity shortage drives SCFI to a 16-month high, while transpacific routes catch up with the Asia-Europe surge after mid-January GRIs.
  • Carriers announce further rate hikes in February, nearing peak with post-Lunar New Year slack expected, but freight rate escalation has peaked, with slower weekly gains after consecutive hikes since November.
  • The European Union’s ETS (Emission Trading System) surcharges being implemented by carriers will increase as CO2 emissions increase due to longer route around Cape of Good Hope.
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