Get the latest insights on price movement and trend analysis of Ocean Freight in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).
For First Half of 2022
The covid pandemic negatively affected the shipment industries causing the ocean freight charges to inflate uncontrollably. The situation of the shipment industry, which was still fragile in the aftermath of the pandemic, worsened due to the Russian invasion of Ukraine which began in the last week of February.
The pandemic and political conflict amid the economic meltdown caused the price trends for ocean freight to reach unprecedented highs. The shipment from China that used to take 36 days to arrive on average now usually takes twice the required time.
The international freight charges reported an unparalleled increase. The cost of transporting a 40-feet steel container by sea from Shanghai to Rotterdam averaged 10,552 USD, a whopping 547% higher than the seasonal average over the last five years. The new contract rates for the Asia-North America route averaged 2500-3000 USD.
The prices slightly relaxed during the second quarter owing to the opening of ports in China after the removal of covid restrictions and a fall in the upstream crude oil prices. It costs around 7980 USD to transport a 40-foot container from China to the US’s West Coast which is almost twice the amount of 3070 USD paid a year ago.
Procurement Resource provides latest prices of Ocean Freight. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
Ocean Freight is the transportation of freight via ships through sea or ocean routes. It is considered a low-cost mode of transportation that is often utilised while shipping large and heavy freight. These freights or cargos are usually the goods transported for industrial gain.
Further, there are many goods that cannot be transported by air like bulbs, magnetic items, and flammable, toxic or corrosive items, and any item that could be dangerous and can pose a risk to the public. For such situations, Ocean Freight Shipping is considered the best available option. Also, as ships can carry much more cargo than aircraft, Ocean Freight often involves the shipment of goods in bulk.
|Product Name||Ocean Freight|
|Region/Countries Covered||Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand
Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece
North America: United States and Canada
Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru
Africa: South Africa, Nigeria, Egypt, Algeria, Morocco
|Currency||US$ (Data can also be provided in local currency)|
|Supplier Database Availability||Yes|
|Customization Scope||The report can be customized as per the requirements of the customer|
|Post-Sale Analyst Support||360-degree analyst support after report delivery|
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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