Xeneta forecasts falls in freight rates, volumes for 2023

After over two years of rising rates and overstretched capacity, the rapidly cooling ocean freight market looks set for an "extremely challenging" 2023, according to Oslo-based Xeneta. "An in-depth analysis of the latest real-time ocean and air freight rates, combined with expert trend forecasts, suggests that ocean cargo volumes could fall by up to 2.5 percent, rates will drop significantly and weak demand will force increased idling of vessels," says the latest update.