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May 23, 2024

WeFreight’s May 2024 Freight Market Update

wefreight's may market update

Freight-forwarding-market_May-2024

WeFreight’s May Market Update is out. It’s your go-to guide for the latest trends in ocean freight, air freight, road freight, and warehousing. Get valuable insights to navigate capacity constraints, changing rates, and more, helping you make better logistics decisions. 

Here’s a glimpse into some key findings: 

  • Air Freight: The conflict in the Red Sea continued to affect global air freight in April. According to Xeneta, air freight demand grew by 11% for the fourth consecutive month. 
  • Ocean Freight: Seaborne container volumes are expected to grow by 4.1% in 2024 as per Danish ship finance, but longer travel distances are expected to propel distance-adjusted demand above 9%.  
  • Road Freight: According to Journal of Commerce (JOC), US truckload carriers aren’t waiting for capacity to exit the market; they’re parking and selling trucks to bring supply closer in line with demand and shore up pricing.   
  • US Warehousing: According to Logistics real estate developer Prologis there is a pronounced period of correction for warehousing still underway in Southern California, with vacancy rates rising despite the surge in imports in the first quarter.   

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