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Chinese container freight rates fell 28% in Q1 2024, the worst drop in 20 years, driven by record declines in spot rates. Despite strong early-year export growth, major trade routes saw sharp declines, with Europe (-33%) and South Africa (-40%) hit hardest. U.S. tariff policies and a 5% fleet expansion in 2025 could keep rates low, potentially nearing 2019 levels if Red Sea routes normalize.
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Source: Riviera Maritime
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