Ocean Freight Market Update – 2024

The ocean freight (OFR) market has shown consistent year-over-year (YoY) growth since October, reflecting a sustained increase in demand. This upward trend has contributed to heightened activity across key shipping lanes, indicating strong global trade momentum.

A significant 9.6% annual fleet growth rate has been observed, driven by continuous vessel additions and capacity expansions. Since March, daily vessel deliveries have remained steady, with over 300,000 TEU scheduled for transport each month from April through June.

Vessel diversions via the Cape of Good Hope, combined with rising demand and additional summer service deployments, have effectively absorbed the available shipping supply. These market dynamics highlight the ongoing adjustments in global logistics to accommodate shifting trade flows and operational challenges.

Source: DHL Logistics of Things