Ocean Freight Price Trend and Forecast

Regional Price Overview

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).

Ocean Freight Price Trend for the First Half of 2023

The fall in Ocean Freight rates that started in H2’22 continued into the first half of the year 2023 as well. The trading sentiments in major global markets like the USA struggled as the demands remained dull for a very long time, primarily because of the deficit in the end consumer’s purchasing powers. Supply chains were still restricted as the world’s biggest transshipment ports of Shanghai and Singapore saw reduced traffic. The rising competition between the growing Ocean Freight companies was also a reason the prices couldn’t go up at all. Overall, tepid movement was observed in the Ocean Freight sector.

Ocean Freight Price Chart

Ocean Freight Price Trends

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Analyst Insight

According to Procurement Resource, given the long slump, the Ocean Freight rates are likely to improve in the coming months.

Ocean Freight Price Trend for the Second Half of 2022

Ocean Freight is employed to carry more than 80% of traded goods. In the year 2022, there were mixed price trend observed for Ocean Freight. During the first half of the year, the prices soared drastically, attributed to the various geopolitical and pandemic situations. Stretching COVID-19 curbs delayed the arrival of goods to the ports since the manpower was reduced, and later, the war in Europe further complicated the Ocean Freight situation.

However, the latter half of the year saw a downfall in Ocean Freight price trend. With the shot-up inflation, the demand for products had taken a severe downfall. The containers were empty, and maintaining the shipping was getting difficult. So, because of reduced demand, the prices decreased in the second half of the year.

Ocean Freight Price Trend for the 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 trend 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.

Analyst Insight

According to Procurement Resource, the Ocean Freight rates are expected to fluctuate with the global trade sentiments in the upcoming months.

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.

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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 Details

Report Features Details
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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