The freight industry in 2024 is experiencing significant shifts, and let's explore the forecasts and critical insights for different transportation modes, providing valuable information for freight forwarders.

Air Freight Outlook: Rising Challenges Amid High Demand

In 2024, North American air freight faces challenges driven by geopolitical conflicts in the Middle East and Ukraine, leading to potential oil price increases. Freight forwarders need a strategic approach to mitigate disruptions, considering the export of oil and rising inflation in the US.

Global Macroeconomic Projections and Market Rates

Mixed global macroeconomic projections for 2024, with lower GDP growth but a second-half rebound, add complexity. While global capacity has recovered, air cargo demand is expected to rise. Freight forwarders must remain vigilant due to geopolitical tensions affecting oil prices and market rates.

Air Cargo Market Dynamics: Navigating Uncertainty

A recent drop in trans-Pacific eastbound air cargo rates and the conclusion of the peak season surge create uncertainties for 2024. Analysts cite weak economic conditions and geopolitical events. Freight forwarders face the challenge of adapting to potentially subdued rates in the first three quarters, with growth expected in Q4, emphasizing the need for strategic planning.

Ocean Freight Outlook: Managing Overcapacity