Latest data wake-up call for shippers, says Xeneta

Long-term ocean freight rates may have started bottoming out after around a year of persistent, often dramatic monthly falls, says Xeneta in its latest update. "The latest General Rates Increases (GRIs) from carriers appear to have held relatively firm, pushing spot rates up above long-term rates on key corridors. As such, long-term prices may now follow suit and rally, meaning now is the time for cost conscious shippers to assess strategies and negotiate new contracts."