Freight & Shipping Update 23/02/2022

Ocean rates on the major trade lanes remained stable this week but are still extremely elevated.

In ocean freight, transpacific rates increased with an increase in demand post Lunar New Year.

Asia – US East Coast rates increased 7% compared to just 3% for West Coast prices, likely because importers are sending more shipments to East Coast ports as congestion continues to plague LA/Long Beach.

The latest National Retail Foundation projections for US ocean import demand show no sign of decreasing volumes at least through the first half of the year, meaning that freight rates will likely remain elevated through the spring.

These are container freight rates for February according to the Freightos Baltic Index: