Xeneta: rising long-term rates and port congestion worsen cargo owner woes

Long-term contracted ocean freight rates are 86% higher than at this point last year after another month of high demand, over-stretched infrastructure and difficult negotiations for shippers according to data from freight rate benchmarking company Xeneta.

Data from the Oslo-based company, which crowd sources real-time rates from leading shippers, shows that August’s rates only showed a 2% rise compared to July, although July’s rates were 28.1% higher than June.

According to the platform, there appears to be little sign of relief on the horizon, with increasing port congestion and relentless demand ahead of the all-important pre-Christmas period.