Report: Freight Markets in 2024
What to expect for the global freight markets for the rest of 2024
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S&P Global Commodity Insights' latest report forecasts that the freight market will remain firm in 2024, driven by trade flow disruptions and longer shipping routes, which are expected to keep supply tight.
The report highlights the Panama Canal's plans to increase ship transits, potentially softening the market later in the year. Additionally, it notes that the liquid chemicals freight market will likely stay stable amid ongoing disruptions and longer transit times. The report emphasizes the challenges and dynamics affecting shipping rates and availability.
Key takeaways include:
- Chemical shipping companies and traders thoughts on the second half of the year
- How the current situation in the Red Sea is unpredictable, and it’s uncertain for how long the conditions will persist
- How Carriers are increasing freight rates by imposing surcharges and rate restoration charges
