Posted on June 28, 2024
Market updates

June Market Update: Key Trends in Ocean & Air Freight 

Air-Ocean-Freight-Market-Insight_June-2024

Explore the latest supply chain insights with the June Market Update from House of Shipping.

At House of Shipping, we offer more than just data. Our expert analysis delivers actionable insights, helping you navigate the dynamic market landscape with confidence.

Key Highlights: 

  • Global demand for ocean freight, grew by 24% YoY in April, surpassing the growth seen during the pandemic spike.
  • Despite the addition of over 1 million TEUs of capacity globally in the first five months, another 2 million TEUs are expected by year-end. 
  • Singapore’s yard utilization rates rose to nearly 90%, indicating significant port congestion compared to optimal levels of around 70%.
  • Dynamic load factor remained largely unchanged MoM at 58% in May but increased by 3% YoY.
  • The average airfreight spot rate rose to USD 2.58 per kg, marking the second consecutive monthly growth and a 9% YoY increase.
  • The highest YoY increase in air cargo spot rate was on the Middle East & Central Asia to Europe corridor, surging 110% to USD 3.21 per kg due to ongoing Red Sea disruptions.

How will these trends impact your operations? Contact House of Shipping for expert guidance and tailored solutions.

June Market Update: Key Trends in Ocean & Air Freight 

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