Global container freight rates have been falling since March, and the Freightos Baltic Index (FBX) has nearly halved in the past six months.
The third quarter of each year is the traditional peak season for freight. However, this year, the freight industry has experienced a downshift due to global inflation, weakened economic outlooks, and shrunken demand.
The FBX had fallen to $4,862 on Sept. 9 from around $9,700 in early March, nearly halved within six months.
FBX is a leading composite index issued by the Baltic Exchange and Freightos that provides daily container freight rates on a global scale.
Likewise, the China Containerized Freight Index (CCFI) has experienced an overall decline of nearly 20 percent since the beginning of the year and continued to decline in September….