Freight Rates News

Freight rates for tanker shipments of Russia's flagship Urals crude from western ports to India, the grade's main market, have surged in August as strong demand for vessels and mounting security risks linked to carrying Russian oil drove up costs, three trade sources said.The rise in shipping costs is squeezing revenues of Russian oil exporters already grappling with Western sanctions and a difficult geopolitical environment.Freight markets have also been supported by disruption to global shipping routes stemming from conflict in the Middle East.

Freight rates for Russia's flagship Urals crude shipments from western ports to India have jumped by about 50% since mid-July as rising global shipping costs and security risks in the Black Sea deter shipowners from calling at Russian ports, traders said.Russia is set to increase oil exports from its western ports in August amid firm demand in Asia, but a shortage of tonnage may put a cap on its plans, they added.Ukraine stepped up attacks on tankers in the Black Sea in July, damaging several vessels and forcing the suspension of loadings at Novorossiysk and the Caspian Pipeline Consortium ter

Commodity trader Mercuria is suing the Baltic Exchange, the world's top provider of benchmark shipping indices, over losses it said were caused by oil tanker pricing data that did not account for the effective closure of the Strait of Hormuz, a court filing showed.The U.S.-Israeli war with Iran, which began on February 28, has left hundreds of ships and 20,000 seafarers stranded inside the Gulf and unable to sail through the vital chokepoints with only a few ships willing to make the voyages daily.In a court filing dated April 30 and submitted through England's high court…

Latest data from Xeneta, an ocean and air freight intelligence platform, shows average spot rates from China to the US West Coast are down 59% since June 1, 2025, at USD 2 268 per FEU (40ft container). Rates have also plummeted into the US East Coast, down 43% to USD 3 796 per FEU in the same period.Average spot rates from North Europe to US East Coast are USD 2 000 per FEU, down a gentler 5% since June 1, 2025, but a more considerable 25% compared to January 1 of this year.“US…

Freight rates for ESPO Blend crude shipped from the Russian port of Kozmino to China eased further in April to the lowest since mid-January on higher availability of tankers, three traders said.Lower rates mean Russian exporters will spend less on freight and earn more for their oil.Freight rates on the route have eased to levels of around $2 million-3 million for April-loading cargoes from $4 million-5 million for February and March volumes as more non-sanctioned tankers have joined the ESPO market, they added.Russia's ESPO Blend oil price fell below the $60 per barrel Western price cap level for the first time ever early in April as the international Brent benchmark plummeted to the lowest levels in years…

DataMondial, a player in the world of data and document processing, announced the launch of its latest service: an AI-powered robotization system for processing ocean freight rates. This new service is designed to help logistics providers manage their ocean freight rates and prepare proposals faster, more efficiently, and with greater accuracy.With the introduction of this AI-driven service, DataMondial is taking a significant step in expanding its services and supporting the digital transformation of the logistics industry.

Average container freight rates for Chinese exports have dropped 28% since the start of the year, according to BIMCO. This posts the worst first quarter development in twenty years. Based on input from twenty-three liner operators, the China Containerized Freight Index (CCFI) reflects the general export freight rate level from ten major ports.The 28% fall reduced the CCFI from 1,548 at the beginning of the year to 1,112 at the end of the first quarter, not least due to a record high fall in spot freight rates.

Freight rates for Russian oil supplies from its Baltic ports to India are declining from recent record highs amid an increase in offers from Western shipowners after Urals crude oil prices fell below a price cap of $60 per barrel, two traders said.The Group of Seven countries, in coordination with the EU, imposed the price cap in late 2022 that blocked access to Western shipping services and insurance if Russian oil was purchased at more than $60 a barrel, aiming to reduce Moscow's…

Spiraling ocean freight rates from the Far East to the United States, caused by the Red Sea crisis, may have peaked, with some relief on the horizon emerging for the shippers, according to the latest analysis from Xeneta, and ocean and air freight rate benchmarking and market analytics platform.The latest data released by Xeneta indicates a peak may have been reached after spot rates from the Far East into the US declined slightly since the last round of General Rate Increases (GRIs) were implemented at the start of February.Into the US East Coast…

Costs for hiring ships to transport commodities from the Black Sea have risen by more than a fifth since the start of the year, reflecting higher war risk insurance rates, industry sources said.The Black Sea is crucial for the shipment of grain, oil and oil products. Its waters are shared by Bulgaria, Georgia, Romania and Turkey, as well as Russia and Ukraine. Since Jan. 1, when policies are renewed, reinsurers that provide financial protection for insurance companies have added exclusions for ships and planes for Belarus…