By the middle of August, sea freight rates have decreased on all routes. Of these, routes from Asia to the U.S. West Coast and Europe have experienced a decline of 20-30 percent compared to the same period last month.
Ocean freight rates on other routes have also decreased by about 15 percent to 25 percent. Currently, the prices are down by 44 percent compared to the rates during the Covid-19 pandemic break in September 2021.
It is expected that sea freight rates will continue to decrease in the coming time due to some positive market impacts and no congestion reported in major ports.
According to the Vietnam Maritime Administration, while sea freight rates are decreasing, ocean container shipping volumes show growth. In the first seven months this year, freight volume reached nearly 500 million tons, up 15 percent compared to the same period last year.
