Ocean freight rates may be in for another spin: Xeneta

Some shippers may have an element of payback in mind since recession has started to bite in some markets, and demand for goods is dropping, says Xeneta in its latest ocean freight update.

"Shippers were willing, through gritted teeth, to weather the high leap in prices to meet point-of-sale contracts and to retain customers, but moves were in place to mitigate that exposure. Manufacturing of some goods could be shifted to more local production, some goods were just not economical to shift at all, and some became cheaper to move by air freight."