The FBX for ocean freight saw a notable spike of 30% in June 2024, reaching $4,446 per FEU. This increase was attributed to the early start of the peak shipping season, worsened congestion in key hubs like the Red Sea, and concerns over potential disruptions closer to the holidays. By July 2024, the index continued to climb, peaking at $5,073 per FEU (up 14% month-over-month), reflecting lingering congestion, particularly in Asian ports, and sustained high demand. However, as July progressed, the growth rate stabilized, indicating that the peak for 2024 might have been reached early in the season(Freightos)(FreightWaves).

This period was marked by logistical challenges across both air and ocean freight sectors, but the increases seen, particularly in ocean freight, are reflective of early peak season pressures combined with ongoing congestion issues (FreightWaves)(Baltic Exchange Consumer).

For August and September 2024, both ocean and air freight rates continued to rise, though trends began to stabilize compared to earlier months. Ocean freight rates increased by 16% in August due to early-month rate hikes, driven by stronger volumes and stricter capacity management. Rates reached around $5,073 per FEU but showed signs of leveling off in September as demand cooled slightly after peak season preparations.