The Chinese New Year traditionally impacts rates in the lead-up to celebrations in China, with a historical trend of rates declining shortly after. However, in 2024, the market defied expectations, as rates not only continued to rise but remained elevated for the rest of the year.
This year, uncertainty surrounded market expectations. We’re pleased to report that air rates have not only dropped but have hit a five-year low, we will update you if rates continue to fall or start to increase significantly. Several factors may be contributing to this, including lower order volumes from China and anticipated trade tensions – though it's still too early to pinpoint a definitive cause. What we do know is that now is an excellent time to take advantage of these lower rates.
Looking ahead, March is likely to bring some rate increases, largely dependent on whether the market sees an upturn in orders in China.
Ocean freight rates are currently low but are expected to increase in March. Shipping lines will play their normal poker games, we are waiting for the first to show their hand – then the rest will follow suit.
Our ocean rate procurement team will provide clients with updated rates as soon as they are confirmed.
For more details or a quote, please don’t hesitate to contact us.