DHL Ocean Freight Market Update – November 2024

Find out the latest developments of the global ocean freight market in this monthly analysis by DHL Global Forwarding.

Output, new orders, and employment remain in decline and global trade also shows signs of softening, as reflected by declining export orders. Despite this, DHL notes a strong rebound in demand after Golden Week.
Record-high new containership deliveries in 2024 (2.5 million TEU delivered, 0.5 million TEU scheduled), as well as fleet renewal for some carriers.
Rates dropped for the past three months from their peak in July, but are now picking up again post-Golden Week. Carriers plan to implement rate hikes in November, but the sustainability of higher rates is uncertain as carriers have not adjusted capacity to match lower demand during the slack season.
US East Coast Port strike ended on 3 October. However, the subject on automation of U.S. ports is still unresolved. The existing contract has been extended to Jan 15, 2025 but another work stoppage is expected if ongoing negotiations do not come to an agreement by then.

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