News
Nippon Express (South Asia & Oceania), a member of the Nippon Express Holdings (NXHD) group, projected that freight rates from South Asia and Oceania to Europe and North America, which have continued to plunge since the second quarter of 2022, will remain the same in the first quarter of 2023 and that will take time for them to return to pre-pandemic levels. NX (South Asia & Oceania) unveiled the projections at a webinar it has held to foresee the shipping market in 2023. Compared to 2019, freight rates from South Asia and Oceania to Europe and North America more than quintupled from the fourth quarter of 2021 to the first quarter of 2022.
NX (South Asia & Oceania) pointed out that intra-Asia freight rates are slightly falling but staying above pre-pandemic levels. Freight rates on long-term contracts will remain on a downward trend this year due to intensified competition among shipping lines, it said, adding that spot rates will mildly decline.
