Ocean freight market. May 2024


The study analyzes the sea freight market by the end of April — beginning of May 2021. It reveals the problems associated with the movement of goods in various regions of the world, highlights the latest developments in the industry and gives a forecast for the next month

Economic & Demand Outlook

• Pickup in growth momentum but could be vulnerable to geopolitical risks. E.g. a major escalation of the conflict in the Middle East would materially impact growth.

• S&P has revised their real GDP growth forecasts for 2024 upwards in some major economies in their April forecast round. These include the eurozone, Canada, Japan and Russia. • Daily deliveries since March continue, with over 300,000 TEU scheduled monthly from April to June.

• Vessel diversions to the Cape of Good Hope, strong demand increase, and additional summer service deployments absorb available supply.


• The WCI and SCFI indices are 66% and 94% higher YoY.

• The SCFI rose for a 4th week, driven by gains in Latin America, Middle East, and Australia.

• We see signs for increasing rates on all Asia outbound lanes well into May as carriers have announced rate hikes in May.

• Transpacific contract rates are settling higher than last year, and current spot rates are prompting shippers to negotiate at these elevated levels.

Schedule Reliability

• Global schedule reliability score further improved by 1.6 ptp to 54.6% as the round-Africa routings via the Cape of Good Hope route normalise.

• Port congestion situation remained unchanged while it steady declined over the past months.

Capacity Outlook

• A new containership deliveries drives a 9.6% annual fleet growth rate. Vessel diversions and additional summer service deployments absorb available supply.

• In the upcoming weeks, the number of vessels redirected to the Cape Route is expected to reach 5 million TEU.

• The idle container vessel fleet currently stands at 0.4% (62 vessels) only.

• Equipment issues across Asia Pacific increasing.

Analytics on topic
Outlook for trade and transport links between Uzbekistan and Belarus

Belarus is restructuring its foreign trade logistics, looking to new markets, intensifying cooperation with countries that are already importing Belarusian products. Belarus is looking for new transport routes through Central Asian countries, particularly Uzbekistan.

Rail container transportation in the Eurasian space in 2021

What results did Eurasian transportation show in a difficult 2021?