PRESS ROOM

As a provider of international container shipping services, the U-Freight Group, notes that analysis by data specialist, Xeneta, reveals that 40 container ships joined the global fleet in June increasing overall capacity by 300,000 teu, adding that 990,000 teu of capacity was delivered in the first half of the year, with a similar volume expected between now and the end of 2023.  

The firm, which uses real-time, crowd-sourced data from leading shipping lines on the main trade lanes to compile its figures, reported that long-term freight rates have crashed, sinking to a two-year low in July. Its XSI® Shipping Index fell a further 9.5% from the June figure. Long-term valid contract rates have now sunk by 57.8% since the same period in 2022.

One of its analysts said that market indications show little sign of respite for carriers, adding that even though peak season is just around the corner, overcapacity is inevitable even if cargo volumes do increase.

You can find more information about the U-Freight Group’s ocean freight services by visiting the relevant pages of this website or speaking to your usual contact in our company.