June 26, 2024 – In the past 2 months, freight rates have been rising for the transpacific east bound trade and many shippers have inquired to us as to whether or not this trend will continue. Certainly our clients have had some challenges securing space and equipment in the current period, as this is an industry wide issue due to the carrier’s attempts to limit tonnage and artificially increase the ocean freight rates but Canaan believes that we are seeing an early peak season with many shippers trying to avoid empty shelves in the 4th quarter or the risk of the rail or port strikes that we were advising against.

Our early prediction is that rates will continue to rise in July and will start to level off in August and a drop may happen as early as October 2024.

More news as it develops..