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February 20, 2024

WeFreight’s February 2024 Market Update: Air, Ocean, Road, and Warehousing Freight Trends

WeFreight’s February 2024 Market Update: Air, Ocean, Road, and Warehousing Freight Trends

Elevate your competitive advantage in the logistics industry by accessing our market update. Get vital insights into emerging trends on air, ocean, road, and warehousing freight. 

The market update serves as a critical tool for making well-informed decisions and strategic planning within the ever-evolving landscape of global logistics. 

Freight-forwarding-market-update_Feb-2024

Here’s a glimpse into some key findings: 

  • Air Freight: Global full-year demand in 2023, measured in cargo tonne-kilometers (CTKs), was down 1.9% compared to 2022 (-2.2% for intl. ops.).  
  • Ocean Freight: Drewry expects the container fleet to grow by 7.1% in 2024 and effective capacity to grow by 5.3%.   

  • Road Freight: According to Anderson Trucking Services (ATS), compared to the frenzied holiday rush — beginning weeks before Thanksgiving and ending promptly following Christmas — US’s dry van and reefer markets can look underwhelming in February. 
  • Warehousing: According to Wall Street Journal, US retailers and their suppliers have been slashing their inventories. Now they’re turning to cutting back storage space. 

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