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In contrast, the average ocean containerised spot rate on the India West Coast to North Europe lanes experienced a -9% decline in March.

With capacity stable, load factor from India to Europe climbed to 87% in week to March 24 - highest since April 2022

The average global cargo spot rate in February rose +2% from the previous month to $2.29 per kg.

An Italian national based in the US, Fabio will be splitting his time split between the North American and European markets for Xeneta.

Cargoes moving in the opposite direction on the backhauls have been hit harder by surcharges: Xeneta

Spot rates from Far East into the U.S. have softened since last round of GRIs were implemented at the start of February

"Shippers will be reluctant to commit to long-term rates during the height of disruption due to the Red Sea crisis."

Early indications suggest ocean freight shipping rates are set to increase further in early February

Drewry’s World Container Index increased 5% to $3,964 per 40ft container for the week to January 25, 2024

Following escalation of risk, US subsidiary of Maersk is suspending transits in the region until further notice

As Chinese New Year approaches, we expect tightening of container availability: Christian Roeloffs, Container xChange

Houthis continue to target merchant ships, ocean freight rates continue to rally on uncertainty