Why is freight slowing down?
The freight market crash in 2019 was caused by two factors – a freight slowdown due to tariffs on Chinese imports and a surge of new fleets flooding the market, even as rates continued to fall. Until 2019, we had never seen that many new fleets enter the market, especially during a market downturn.
Are freight rates coming down?
Trans-Pacific container spot freight rates between China and the US West Coast and US East Coast have been on a steady decline since peaking in early January 2022. West Coast rates dropped by 52% and East Coast rates dropped by 50% in March 2022 compared to January 2022 as inbound…
How much have freight costs increased in 2022?
Year-over-year changes in freight rates in 2022
Shipments, freight moved by companies, increased by 0.4% year over year, according to the report, but declined nearly 2% month over month.