Rates are looking up.
Last Sunday’s Freightos Index kicked off with little to no signs of a GRI, with three core lanes showing no movement, and two (China – US West Coast and Europe – US) heading down.
But by the middle of last week, China-US (West Coast) rates had climbed significantly. Carrier hikes had a high degree of variance, with most carriers only increasing rates by up to 3%, while five increased rates by a more substantial 12% – 20%.
Which brings us to this week.
GRIs kicked in. The biggest week-on-week rise was on US-Europe, where a full 33% increase was observed (translating into a $100 increase).
The China – US (West Coast) trade lane came in next at an 11% increase. Facing new competition and already high prices, non-alliance carrier rates remained static with an average increase of 1%.
Their prices still remain higher on average than their allied counterparts, though, even though alliance carriers increased rates on average by a surprising 10%.
Europe-US and China-Europe came in with more modest increases.
Only China – US (East Coast) didn’t climb, with rates falling by 4%.
|Route||Median Rate||WOW Trend|
|China – US West Coast||$1,462||11%|
|China – US East Coast||$2,600||-4%|
|US – Europe||$400||33%|
|Europe – US||$1,481||6%|
|China – Europe||$1,540||3%|
About the Freightos International Freight Index
Unlike other freight indexes, the Freightos International Freight Index (FIFI) uses aggregated and anonymized real-time business data from global carriers, forwarders and shippers on the Freightos AcceleRate freight rate management platform. That’s why we believe these indexes to be the most accurate and real-time representation of market rates available. What’s more, it’s offered for free.