- FBX global rates rose by 9% to $3,590/FEU in November, a 178% increase from 2019.
- Blank sailings, extended lead times, GRIs, and Lunar New Year-related demand increases drove rate hikes.
- Rates remained elevated at $2,560/FEU, reflecting capacity cuts by carriers.
- Lockouts at Canadian ports ended mid-month, avoiding significant congestion impacts.
The Freightos Baltic Index (FBX) for November 2024 highlights a global increase in freight rates driven by General Rate Increases (GRIs) across multiple shipping lanes. Rates are significantly higher compared to pre-pandemic levels, reflecting market adjustments, carrier strategies, and potential disruptions in global trade, reports Baltic Exchange.
FBX Rate Growth Overview
In November 2024, global FBX freight rates climbed 9%, reaching $3,590/FEU.
Rates across key lanes saw sharp increases, supported by GRIs and carrier strategies.
Asia-Europe and Mediterranean Lanes
Post-peak season rates on the Asia-Europe lane surged by 30% to $4,500/FEU, while Mediterranean rates jumped 41% to $4,859/FEU, reflecting a substantial rise compared to pre-pandemic levels.
US Freight Lanes
US West Coast rates dipped slightly to $5,122/FEU but remained elevated compared to 2019.
Meanwhile, East Coast rates increased to $6,000/FEU, driven by late-month demand and frontloading activity.
Potential Trade Disruptions
A possible ILA strike and expected tariff increases in 2025 motivate shippers to frontload cargo, further contributing to rate strength.
Transatlantic Lane Dynamics
Sustained rates on the transatlantic lane reflect carrier-imposed capacity reductions, with rates holding steady at $2,560/FEU since early October.
Canadian Labor Resolutions
Labor disputes at Canadian container ports were resolved in mid-November, ensuring minimal market impact
Did you subscribe to our daily Newsletter?
It’s Free Click here to Subscribe!
Source: Baltic Exchange
